This week, the Canada Mortgage and Housing Corporation released its 2011 Mortgage Consumer Survey, which polled over 3,500 people who have taken out a mortgage in the last year.
According to the survey, plenty of home buyers are taking to the internet and using search terms including mortgage options and mortgage calculators when they research mortgages. About 86 per cent of those who used the internet to research the home buying process used mortgage calculators, 56 per cent read information on mortgages and 54 per cent did a self-assemessment.
The survey also found that it took most home buyers an average of about 11 months to plan out their home buying purchase. Most home buyers, or 88 per cent, said they knew how much mortgage they could afford before they actually bought a home.
“Buying a home is one of the biggest financial decisions most Canadians will make in their lifetimes,” said Pierre Serre of the Canada Mortgage and Housing Corporation. “CMHC is committed to supporting home buyers throughout their decision making process. Through our online calculators and resources, CMHC will continue to support Canadians in the making of informed and responsible home buying decisions,” he said.
The Canada Mortgage and Housing Corporation has many different helpful online mortgage tools and calculators you can use to determine whether you’re ready for homeownership.
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