How Canadians are shaving thousands off the cost of their mortgage
More than half of Canadians in a new survey are putting extra effort into repaying their mortgages — saving tens of thousands in interest payments.
A recent survey has revealed that Canadians expect to be mortgage free by the age of 58.
Homeowners across the country had different ideas on when they would be mortgage free. In British Columbia, homeowners though they wouldn't be able to pay off their mortgages until they hit 66, while those in Alberta expected to be mortgage-free at 55.
55% of those polled said that they were putting extra effort into repaying their mortgages which would save them thousands of dollars.
The survey mentions that paying even a small amount extra per month could lead to massive savings. Another method homeowners are using is by putting down a lump sum payment by using their tax refund.