January 16, 2014
A Surprising Poll from BMO for Amortization
BMO recently completed a poll asking people what their knowledge of the term amortization was. Over half (52%) were not even somewhat familiar with the word. Not to say that people aren't familiar with the concept of amortization. Amortization is, of course, the life of a mortgage. Understanding the concept is important but learning the ways to minimize the amortization is even more important. Your mortgage advisor should be defining the word, concept and the multiple ways to minimize amortization as well as recognizing the mortgage offers out there that restrict your ability to do so.