OTTAWA , January 27, 2009 — The Financial Consumer Agency of Canada (FCAC) today launched an improved version of the mortgage calculators available on its Web site. With this revamp, the Agency's mortgage qualifier and payment calculators are even simpler and easier to use.
"The purchase of a home is a financial decision that must be taken very seriously," said FCAC Commissioner Ursula Menke. "For most people, it is the largest debt they will ever take on. Our calculators are designed to help consumers find out if they qualify for a mortgage, given their current income and debts, and determine the payment schedule that suits them the best. Our mortgage calculator also allows them to find out how many years and how much money they might save if they made a prepayment."
FCAC offers other tools and publications on its Web site for consumers who are thinking about buying a home and want to obtain more information. Consumers can test their knowledge of mortgages by taking an on-line quiz or consulting the Agency's Frequently Asked Questions (FAQ) database, where they will find answers to questions often asked about mortgages. They can also consult the tip sheets Shopping Around for a Mortgage and Shopping Around for a Reverse Mortgage or a more detailed publication entitled The ABCs of Mortgages.
"The ABCs of Mortgages is a comprehensive guide about mortgages that makes it easier to understand the terms and conditions of various mortgage products available on the market," explained Commissioner Menke. "The guide presents information on the rights and responsibilities of consumers when obtaining or renewing a mortgage and tips on how to pay a mortgage off faster."
For more information on mortgages, consumers can visit the Agency's Web site at moneytools.ca. The Agency also makes other interactive tools available to consumers. Credit Cards and You lets consumers choose the credit card that meets their needs, and the Cost of Banking Guide helps consumers find the most suitable banking package or savings account. Consumers can also call FCAC toll-free at 1-866-461-3222 (or 1-866-914-6097 for TTY service for the deaf or hard of hearing).
FCAC provides consumers with accurate, objective information about financial products and services, and informs Canadians of their rights and responsibilities when dealing with federally regulated financial institutions. FCAC ensures compliance with the consumer protection laws, and monitors codes of conduct and public commitments that apply to banks and federally incorporated trust, loan and insurance companies.
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Media Contacts:
Sylviane Desparois
Media Relations Officer
613-941-4990
sylviane.desparois@fcac-acfc.gc.ca
Marie-France Lettre
Media Relations Officer
613-948-2707
marie-france.lettre@fcac-acfc.gc.ca
