Mortgage free getting a little tougher; found survey
A recent survey conducted for CIBC by Angus Reid found that on average, Canadians expect to be mortgage free by age 58, one year later than a similar poll conducted last year. Living mortgage free for most, signals the age to retire. With the age of obtaining that dream getting larger, it may seem like a hopeless situation for some.
The expected age to retire varied quite a bit across the country. Homeowners in BC expect to pay their mortgage at age 66. Homeowners in Alberta at 55, Saskatchewan and Manitoba at 58, Atlantic Canada and Ontario at 57, and Quebec at 56.
The survey also found that over half of individuals were taking advantages of low interest rates to pay down their mortgage faster.
55 per cent said they were putting in extra efforts to their mortgage, which is down from 68 per cent last year. Of those paying down their mortgages quicker, 32 per cent said they were making more frequent payments, 28 per cent were increasing the amount they pay, and 18 per cent said they made a lump sum payment.
What can you do as a homeowner with a large mortgage? Experts say even the little things count. Making additional payments, more frequent payments, increasing payment amounts, and adding a lump sum payment yearly would help shave off a considerable amount of interest over the 25 year amortization period.
If you have questions about possibly downsizing in Saskatoon to decrease or eliminate your total mortgage amount, contact me today and I can help you get to that goal of becoming mortgage free sooner.
Saskatoon real estate agent
Century 21 Fusion