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“…becoming debt-free is among the top financial priorities for Canadian homeowners. They must also find a balance between debt repayment and saving for retirement so they don’t end up house-rich and asset poor,” stated Rick Lunny, President and CEO of Manulife Bank Canada.
And while it may be discouraging to hear that a minority of home owners may struggle from time to time, recent information continues to reenforce the fact that Canadians are still diligently meeting their monthly mortgage obligations.
As of December 31st, 2015, the CMHC (Canadian Mortgage and Housing Corporation) reported the rate of arrears, loans that are more than 90 days past due, at 0.34%. This is consistent with the rate of arrears at the end of 2014, which was reported as 0.34% as well. That is to say, a minuscule amount of mortgages, approximately 34 out of every 1000 mortgages insured by CMHC, are in arrears.
With conservative and responsible planning, home owners can use their home equity to better manage monthly expenses and cut down on interest rate expenses; while still enjoying the benefit of keeping their current home.
If you are a home-owner who is focused on better managing your monthly cash-flow, debt consolidation may be a tool to help you better manage your monthly cash-flow. Fill out the form above and speak to a MonsterMortgage.ca Mortgage Expert today to see if your home equity can help you cut down your bills and put more money in your pocket – not your bank’s.