Canadians Need Guidance With Their Mortgages

A national survey by RATESDOTCA reveals that 50% of Canadians are not aware of the mortgage options available to them, and 9 out of 10 respondents are not aware that mortgage interest is charged semi-annually. Dustan Woodhouse, President of Mortgage Architects, and Paul Taylor, President and CEO of Mortgage Professionals Canada, emphasize the need for professional and impartial advice at the time of purchase, renewal, or refinance. The survey also found that nearly 7 out of 10 Canadians are not aware that interest on credit cards is calculated daily, 30% are unlikely to make minimum monthly payments on their credit cards, and 40% don't know their credit score. 94% of respondents believe schools should place greater emphasis on teaching financial literacy.