At Canadalend.com, we understand how important it is for Canadians to pay off their mortgages and loans faster, pay less interest, and save more.
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Toronto, Canada (PRWEB) April 30, 2013
Canadalend.com, the leading low-cost private mortgage solution provider in Canada, responds to a recent CIBC poll suggesting most Canadian homeowners believe it will take two additional years, on average, to pay off their mortgage, compared to just last year.
According to CIBC, Canadian homeowners with a mortgage believe they will be around age 57 before paying their mortgage off. In 2012, a similar poll conducted by CIBC showed respondents hoped to be mortgage-free by 55. Residents of British Columbia can expect to wait the longest to repay their mortgages, with the mortgage-free age being 59. (Source: CIBC, “CIBC Poll - Canadians don't expect to be mortgage free until age 57,” CIBC web site; Corporate News Releases, April 5, 2013; http://micro.newswire.ca/release.cgi?rkey=2104052385&view=14730-0&Start=&htm=0.)
“At Canadalend.com, we understand how important it is for Canadians to pay off their mortgages and loans faster, pay less interest, and save more,” says Bob Aggarwal, President of Canadalend.com. “While today’s low interest rates are helping homeowners pay down their mortgages, increased non-mortgage debt is getting in the way.”
The survey also showed that non-mortgage debt is a key obstacle to becoming mortgage free. In fact, half of all Canadian homeowners say their non-mortgage debt (credit cards, lines of credit) has increased since they first took out their mortgage. Increased debt is hampering most Canadians’ ability to pay off their mortgages more quickly because they are less financially liquid and are unable to make lump sum payments to their mortgage.
“A certified mortgage broker can give you a complete picture of your finances and help you find ways of paying down mortgage and non-mortgage debt sooner. A mortgage broker can also look at different ways to reduce overall interest costs and free up cash,” Aggarwal adds. “With interest rates low, it’s better to tackle your mortgage and non-mortgage debts now than wait until inflation drivers them back up.”
To learn more about Canadalend.com, visit the web site at http://www.Canadalend.com.
Canadalend.com is one of the largest, most trusted private mortgage brokers in Canada, with skilled independent and licensed professionals helping Canadians coast-to-coast. Canadalend.com provides its clients with residential and commercial mortgages, home equity credit, debt consolidation, and assistance with financing concerns.