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Wanna pay off that mortgage?

If you are pushing the limits to pay off your mortgage you are not alone, at least not in Canada. Canadians who have recently purchased, renewed or refinanced a mortgage want to quickly pay off their debt, indicated a survey by the Canadian Mortgage and Housing Corporation. The report released by Canada Mortgage and Housing Corporation shows that 78 per cent of Canadians who recently purchased a new home intend to pay off their mortgage as quickly as possible, and many have already taken steps toward that goal. The poll surveyed more than 1,400 recent active mortgage consumers comprised of first-time buyers, repeat buyers, mortgage renewers and refinance consumers. One-third of recent buyers said they have already made a lump sum payment to help pay down the principal on their mortgage, and 84 per cent said they are making payments on an accelerated basis, which shortens the original amortization period, according to CMHC. The survey also indicated 84 per cent of respondents felt they had access to suitable housing options, and 88 per cent felt confident they could manage their debt.

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