Bigger Effort by Canadians to Pay Off Mortgage Sooner

The Spring 2011 CAAMP/Maritz survey has found that mortgage holders - especially those who have purchased their homes recently are making considerable efforts to accelerate repayment of their mortgages.

Increased monthly payments:

·  22% of mortgageholders have increased their monthly payments during the past year,

·  16% had increased their payments in prior years (but not in the past year)

·  62% reported they had never increased their payments. 

Made a lump sum contribution:

·  18% have made a lump sum contribution to their mortgage in the past year

·  17% did so in prior years (but not in the past year).  

·  65% who reported that they had never increased their payments.

These payments are in addition to amortization that would occur via scheduled payments.

*Of the respondents, 40% (800 repondents) were homeowners with mortgages. The remainder were renters, homeowners without mortgages or individuals who lived with their families.  

Source: CAAMP.ca