TORONTO — A survey by Manulife Bank of Canada says nearly half of Canadian homeowners are taking steps to whittle down their mortgage debt, but many would be in trouble if their monthly payments grew even slightly.
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It’s the lowest 10-year mortgage in the land but even the people offering the product tell you to stay clear. Read on
Manulife says 18 per cent of homeowners made extra lump-sum payments towards their mortgages in the past year, while 17 per cent increased their regular payments. Another five per cent of respondents did both.
In total, 40 per cent of the homeowners polled made extra mortgage payments during the past year, while 60 per cent did not.
The average amount of additional mortgage payments calculator was $6,300.
Manulife Bank of Canada’s president and CEO Rick Lunny said it’s encouraging that many homeowners are taking steps to reduce their mortgage debt.
However, the survey also found that more than a third of homeowners polled would face financial hardship if their mortgage payments increased by just 10 per cent.
Resource By : http://business.financialpost.com/personal-finance/mortgages-real-estate/a-third-of-canadians-would-struggle-if-mortgage-rate-grew-by-only-1-survey-finds
‘A great rate for a bad mortgage': The 10-year mortgage is near an all-time low, but is it a good idea?
It’s the lowest 10-year mortgage in the land but even the people offering the product tell you to stay clear. Read on
Manulife says 18 per cent of homeowners made extra lump-sum payments towards their mortgages in the past year, while 17 per cent increased their regular payments. Another five per cent of respondents did both.
In total, 40 per cent of the homeowners polled made extra mortgage payments during the past year, while 60 per cent did not.
The average amount of additional mortgage payments calculator was $6,300.
Manulife Bank of Canada’s president and CEO Rick Lunny said it’s encouraging that many homeowners are taking steps to reduce their mortgage debt.
However, the survey also found that more than a third of homeowners polled would face financial hardship if their mortgage payments increased by just 10 per cent.
Resource By : http://business.financialpost.com/personal-finance/mortgages-real-estate/a-third-of-canadians-would-struggle-if-mortgage-rate-grew-by-only-1-survey-finds
