How much do you know about Mortgages?
Did you know, 9 out of 10 Canadians don’t know how mortgage interest is charged? ?
▪️ 28% think interest is compounded monthly
▪️ 17% say bi-weekly
▪️ 17% say annually
▪️ 28% have no idea
(Mortgage interest is charged semi-annually)
That’s not the only scary numbers we’ve come across.
Only 4 out of 10 Canadians (39%) are aware that they can avoid paying default insurance on their mortgage, by making a 20% down-payment or more.
Rates.ca survey also found that:
▪️ 7 out of 10 Canadians (68%), aren’t aware that interest is calculated daily on credit cards
▪️ 40% didn’t know their credit score
▪️ 30% admitted they are unlikely or somewhat unlikely, to make their minimum monthly payments on their credit cards
If you’re wondering how Mortgage Rates and Interest Rates really work, contact me today!
Ian Clark Mortgages
? (709) 770-9194
Or drop by the office:
? 141 Torbay Road St. John’s