Choosing low-interest debt
November 2, 2020 | Posted by: Lisa Glasper
Canadians are looking to their mortgages for low-cost funds. According to the Spring 2014 Survey by the Canadian Association of Accredited Mortgage Professionals (CAAMP), for those who qualified to take equity out of their homes (homeowners with at least 20% equity), the average amount withdrawn was $51,000: up from $48,000 in the previous survey. The top reasons for refinancing include:
- Paying down debt (32%)
- Renovations (25%)
- Investments (24%)
- Purchases or education (12%)
Your mortgage can be your best route to low-interest debt. Whatever your need might be, we can crunch the numbers to see if your mortgage is your most cost-effective financing option.