30 May 2012

Canadians pay down mortgages to avoid interest rise

With a potential rise in interest rates on the horizon, many Canadians are looking to pay down their mortgages quicker than originally planned, according to Moneyville.ca.

A recent survey by the Canadian Association of Accredited Mortgage Professionals (CAAMP) indicates 23 percent of homeowners are increasing their monthly payments, with an additional 19 percent making lump sum payments to get out of debt quickly. Approximately 10 percent are doing both in an effort to really pay down their mortgage and avoid higher interest rates. Overall, CAAMP believes homeowners will be able to weather an increase in interest rates, as 83 percent of Canadians have at least 25 percent equity in their homes.

Finance Minister Jim Flaherty and other top economists say Canadian household debt is reaching historically high levels, due in no small part to booming real estate markets like Toronto. The rise in interest rates would be to reign in the borrowing and prevent a housing bubble.

Those who want to save some money in order to make more timelier mortgage payments should be sure to do their research before selecting a self storage facility. Self storage can be a great way for homeowners to hold onto items that are taking up space, but it's important that they look into the most affordable Toronto self storage rates before they settle on one facility.

Jiffy Self Storage, a leader in Toronto storage solutions, is currently running a contest on their website for a free iPad 3. Visitors to the site simply need to match a few Canadian landmarks and they'll be entered to win the iPad or one of several other prizes.

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