Buyers use Net to research mortgages

BY MARIO TONEGUZZI JUNE 22, 2011

CALGARY — The Internet has become a valuable resource for homebuyers, according to the 2011 Mortgage Consumer Survey by Canada Mortgage and Housing Corp., released Wednesday.

Among recent buyers using an online search engine, the most popular search terms included interest rates (86 per cent), mortgage options (76 per cent) and mortgage calculators (69 per cent). Of those who noted using the Internet during their research, 86 per cent used an online mortgage calculator, 56 per cent printed information, 54 per cent did a financial self assessment and 50 per cent researched other financial products.

The CMHC said Canadians take, on average, 11 months to plan their purchase while the majority of homebuyers (88 per cent) indicated they had a good sense of how much mortgage they could afford before purchasing a home.

The survey also found that three-quarters (75 per cent) of recent homebuyers felt it is very important to pay off their mortgage as soon as possible while many have already taken steps to do so. And 39 per cent of recent buyers have their mortgage payment set higher than the minimum required while 20 per cent have made a lump-sum payment since taking out their mortgage.