TORONTO, May 10 /CNW/ - Of the nearly half of Canadians (46 per cent) who have a mortgage, 86 per cent think it's important to pay it off as soon as possible, according to a recent Scotiabank study conducted by Harris/Decima assessing the borrowing habits of Canadians. Scotiabank mortgage expert David Stafford provides advice for Canadians on how to pay off their mortgage as quickly as possible.
"Many Canadians know ways to reduce the life of their mortgage - such as increasing, matching or making additional payments - but it can often seem difficult to implement, especially if your budget is already stretched," said David Stafford, Managing Director, Scotiabank Real Estate Secured Lending. "What many Canadians may not realize is that even small changes can shave years off a mortgage. At Scotiabank, we want to help Canadians reach their goal of becoming mortgage free and save thousands of dollars in interest as a result."
According to Mr. Stafford, by implementing a few of the following simple tips Canadians can shorten the length of their mortgage and save on interest.
*Based on a $200,000 mortgage over 30 years at a 4.49% rate.
To find out more about how to borrow to get ahead, visit www.letthesavingbegin.com or to hear what other Canadians have to say about borrowing, visit us on Facebook at www.facebook.com/scotiabank.
Let the Saving Begin is a Scotiabank program designed to inspire and empower Canadians to get on track with their saving, investing and borrowing habits.
Built on three simple principles, Let the Saving Begin encourages Canadians to:
About the poll
A total of 1,003 online surveys were completed from a random sample of
Harris/Decima panel members. The study was conducted from March 11th,
2011 to March 21st, 2011.
This was a standard panel survey among a random sample of Harris/Decima's Canadian panel members. In a fashion similar to a telephone study, email addresses from their panel were pulled at random, according to population and gender specifications, in order to make the study representative of the Canadian population by region and gender. When contacted to solicit participation, participants had no prior knowledge of the subject matter of the study. Harris/Decima controls access to the study through passwords to ensure that respondents can participate only once. Subsequent to completion of the study, the data was weighted by region, age, and gender.
About Scotiabank
Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 70,000 employees,
Scotiabank Group and its affiliates serve some 18.6 million customers
in more than 50 countries around the world. Scotiabank offers a broad
range of products and services including personal, commercial,
corporate and investment banking. With assets above $541 billion (as at
January 31, 2011), Scotiabank trades on the Toronto (BNS) and New York
Exchanges (BNS). For more information please visit www.scotiabank.com.
Robyn Harper, Scotiabank Media Communications, 416-933-1093, robyn_harper@scotiacapital.com.