The results of a Scotiabank-commissioned study reveal that an increasing amount of Canadians might be freed from their mortgages soon, reports the Digital Journal.
According to the findings, 37 per cent of Canadians are less than a decade away from having their mortgages completely paid off. Additionally, 68 per cent of respondents indicated that they are taking steps to pay their mortgages faster.
Within that subset, 39 per cent of respondents opted to increase the frequency of their payments, while 25 per cent said that they would consider increasing the amount of their regular payments. A further 24 per cent are exploring the option to increase their lump sum payments.
The study also showed that 80 per cent of mortgage holders agree that becoming mortgage-free faster is a top priority. The main reason for this, said 30 per cent of those surveyed, was to have more disposable income.
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