When it comes to your home, are you aware of the different types of mortgages and how long it will take to pay off a home loan? A BMO survey was recently conducted showing that many Canadians don't know the answers to these questions or understand the terms and concepts about mortgages.
The survey asked respondents which type of mortgage payments would pay off a home sooner; paying bimonthly, monthly or weekly mortgage payments. Approximately only half of those responding to the survey said that weekly payments would lead to home ownership faster. Making weekly payments is the fastest way to pay off a home if you can at all afford to make your payments this way.
It's important for home owners and anyone that is considering the purchase of a property…
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