The Financial Consumer Agency of Canada updating mortgage publication
OTTAWA, ONTARIO--(Marketwire - Aug. 10, 2010) - The Financial Consumer Agency of Canada (FCAC) has completely updated The ABCs of Mortgages to take into account the different needs of Canadian consumers. While some are borrowing to buy their first home, others are renegotiating their mortgages. No matter what their needs are, FCAC reminds consumers that it is essential that they get informed before they plunge into the world of real estate. It could save them money … and headaches.
"The financial market is complex. That's why we strive to develop tools and resources that are easy to consult and use," says FCAC Commissioner Ursula Menke. "We cannot stress enough how important it is to shop around before signing a mortgage agreement. The ABCs of Mortgages contains a range of objective information that will help consumers make informed choices about their mortgages."
The revised version of The ABCs of Mortgages is divided into four parts: each one addresses a specific topic, making the publication more concise and easier to read. "Whether consumers are preparing to buy their first home, taking out a home equity loan, renegotiating their mortgage or searching for ways to pay off their mortgage faster, the new version of The ABCs of Mortgages will help them find the information they need more quickly," adds the Commissioner.
If you are planning on buying a home, here are a few key tips.
Pay off your mortgage faster
To save money, plan your mortgage payments so you can pay off your mortgage as quickly as possible. For example, you could increase your down payment, make larger payments or increase the frequency of your payments.
Give yourself a financial cushion for the unexpected
If your mortgage payments and the bills from the purchase of your home are keeping you up at night, your dream home could turn into a nightmare. Make sure that you have a financial cushion to cover unforeseen costs, such as an increase in interest rates or unexpected home maintenance and repair costs.
Shop around before choosing a mortgage
Your home will likely be the biggest purchase you'll ever make. Take time to shop around and negotiate to get the mortgage that best meets your needs. Remember, as a consumer, you have bargaining power.
To find FCAC's interactive tools and publications, visit www.moneytools.ca.
About FCAC
Using educational materials and interactive tools, FCAC provides consumers with objective information about financial products and services and informs them of their rights and responsibilities when dealing with banks and federally regulated trust, loan and insurance companies. Through its financial literacy program, FCAC also helps Canadians acquire the necessary knowledge and confidence to manage their personal finances. FCAC also makes sure that federally regulated financial institutions comply with legislation and agreements intended to protect consumers.
You can reach us through the FCAC Consumer Contact Centre by calling toll-free 1-866-461-3222 (TTY: 613-947-7771 or 1-866-914-6097) or by visiting our website: www.fcac.gc.ca.
