According to a recent survey by Bank of Montreal Canadians top financial priority is debt reduction. 30% of Canadians say it's their #1 priority. A mortgage is definitely your highest debt but usually has the best rate so if you have any other debts like credit card, line of credit or auto loan you would, most likely, want to pay those off first. When it comes to your mortgage, depending on your mortgage lender/bank, you should have several different options to pay that sucker off sooner rather than later. As a mortgage advisor I can also help you determine what you need to do in order to pay off your mortgage by a certain date or year. I can also produce several scenarios along with amortization charts in order to help you. Feel free to reach out to me anytime for advice around this or any other kind of home financing questions you may have.
Here's the full article by MortgageBrokerNews.ca on Canadians top priority; paying down debt!:
"The top priority of 1 in 3 Canadians is to reduce or eliminate debt according to a new poll by BMO.
The lenders wealth management division also revealed that investing and tax efficiency (24 per cent); saving more (23 per cent); budgeting (14 per cent); and spending on personal needs or goals (4 per cent) were the other main priorities.
Priorities change depending on life stages though with Boomers more likely to want to tackle their debt than Millennials (who want to save more).
A number of events were identified among respondents as barriers to saving more or invest. These include stock market losses, failed business ventures, divorce/separation and financial loss on a property sale."
SOURCE > MortgageBrokerNews