Many Canadians are fixated on their monthly mortgage payments, interest rates and whether they should choose a fixed-rate or variable-rate mortgage. Fewer Canadians are interested in penalties for refinancing or knowing when or if they can make lump-sum payments on their mortgages.
That’s why the of the Canadian Association of Accredited Mortgage Professionals’ CAAMP Foundation and Credit Canada, a non-profit organization that helps Canadians understand credit and finances, have joined forces in order to help Canadians gain valuable industry knowledge about more of the fine print on their mortgage agreement.
“Our members firmly believe that financial literacy underpins a healthy economy, and certainly a table mortgage market. We are pleased that our knowledge and expertise in mortgage finance can be utilized in this initiative,” said the chair of the CAAMP Foundation, Paul Grewal in a press release.
It will begin with an educational campaign that includes an online initiative, interactive tools, mortgage calculators and tutorials. Eventually, plans are to introduce the same learning components and information into Canadian classrooms.
“Financial literacy is the key to financial success,” said executive director of Credit Canada Laurie Campbell, in a press release, “We are pleased to be partnering with CAAMP on this initiative and appreciate their dedication to healthy money management and fiscal responsibility. There is no doubt that having the foundation of financial literacy will result in more successful homeownership,” she said.