Canadians are Paying Down Mortgages Faster

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The 2012 CMHC Mortgage Survey results show that more people are taking steps to pay down their mortgages faster. Similar to last year, about a third of the respondents are paying more towards mortgage debt, with a slight increase from 29% last year to 31% this year.

What steps are people taking to pay down their mortgages faster?

“44% have set their mortgage payment set higher than the minimum required”

“31% reported making either a lump-sum payment or increasing their regular payment or both as actions to pay off their mortgage sooner”

The survey also shows that internet searches continue to increase for info on Mortgages as well as the use of Social Media. So all you experts and writers out there with your Mortgage tips – keep sharing – we’re listening and taking advantage of ways to save our money!

For more info on the survey view the 2012 CMHC findings.

Want more tips? View our recent post: How to Pay Off your Mortgage Faster.

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