The Canada Mortgage and Housing Corporation (CMHC) provided some interesting - and positive! - insight into the way Canadian mortgage holders view their mortgage obligations, according to the CMHC 2011 Mortgage Consumer Survey.

Overall, Canadians appear to enter the housing market with both eyes open, doing extensive research before they purchase, and then are diligent in their mortgage management following their purchase.  After all, Pierre Serre, Vice President, Insurance Product and Business Development at CMHC noted, "Buying a home is one of the biggest financial decisions most Canadians will make in their lifetimes."

The survey showed that Canadians take, on average, 11 months to plan their purchase, and 88 percent of homebuyers indicated they had a good sense of how much mortgage they could afford before purchasing a home.  Many of these homebuyers no doubt took advantage of the research provided to them through their mortgage brokers, whose job it is to provide homebuyers with a comprehensive insight into all their borrowing options.

Following their home purchases, 75 percent of recent homebuyers surveyed felt it was very important to pay off their mortgage as soon as possible.  To achieve this, 39 percent of recent buyers indicated they had arranged for higher mortgage payments than the minimum required, while 20 percent had made lump-sum payment since taking out their mortgage.

Whether you have questions about your current mortgage, or are thinking about taking out a new loan, please remember that you can call at any time for a discussion and advice, with absolutely no obligation.