When it comes to language like credit ratings, mortgage terms and amortization, we can get a little hazy on the details
(Source: Toronto Star)
It’s probably both your biggest liability and your greatest asset, but how much do you really know about your mortgage and whether you’re making the best decisions possible about it?
According to a survey by Genworth Financial Canada, most of us could use a little more education around mortgages and the home-buying process.
It conducted a national online survey with 1,500 first-time homebuyers last fall and found only 25 per cent could correctly answer more than seven out of 10 questions in a mortgage quiz – and only 1 per cent got them all correct.
When it comes to language like credit ratings, mortgage terms, variable or fixed interested rates, amortization, default insurance and debt-service ratio, we get a little hazy on the details.
Read Ian Harvey’s full article “The last pieces of the mortgage puzzle” in YourHome.ca (May 30, 2009).