Need A Source? - Make Smarter Decisions This Mortgage Season
TORONTO, March 26, 2013 /PRNewswire/ - With consumer debt levels at an all time high, buying a home in today's market can be even more overwhelming as hard working Canadians balance having a life and affording the home they want. As the spring housing market heats up, Canadians are wondering if now is the time to buy, renovate or stay put. Many find themselves confused and overwhelmed about their options.
Nicole Wells, Head of Retail Lending at ING DIRECT, is available to comment on what Canadians should be considering when it comes to taking on more debt; including:
- Potential property value drops and the impact on homeowners
- When it's a good time to borrow, how much should people borrow and what options are relevant
- The importance of balancing long term goals with affordability
- What Canadians need to know about getting a mortgage and how consumers can make it easier for themselves
ING DIRECT will be hosting a Twitter chat about mortgages on Wednesday, March 27 th from 12 - 1PM EST. Follow the conversation with @SuperStarSaver by using the hashtag #OrangeChat.
A recent ING DIRECT survey* revealed:
- Negotiating for a rate (59%), deciding on the right term and payment schedule (55%) and getting customer service help from the lender (35%) are among the most stressful aspects of obtaining a mortgage.
- Simplified language in mortgage contracts (41%) and the ability to obtain a mortgage from the comfort of their homes (16%) would make the process of obtaining a mortgage easier.
- 30% of Canadians would apply extra lump sum payments to their mortgage to pay it off faster, while 18% would increase or top up regular mortgage payments. Only 4% of Canadians say they would break their mortgage to get a new/better rate, in order to pay it off faster.**
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