10/25/2010
"It's like interviewing your mortgage before giving it the job"
Ottawa, October 25, 2010 - To encourage first time home buyers to consider all options before they choose a mortgage, the Financial Consumer Agency of Canada (FCAC) is launching a public awareness campaign. The campaign, which offers free "Unbiased mortgage information. On the house" is a new take on what is often seen as a daunting subject.
"A mortgage is one of the biggest financial commitments most people ever make, and taking the time to research the choices available can make a huge difference in the amount of money they will pay in interest and other charges. There are so many options for consumers, including the type of lender, the type of mortgage, the length of the term and amortization period, and the size and frequency of payments, that it can be overwhelming, particularly for first time buyers," according to FCAC Commissioner Ursula Menke. "First time home buyers need to weigh those options, as they would if they were interviewing someone for a job."
FCAC's awareness campaign, which begins today, will run for four weeks. Transit ads will be placed inside subways and sky trains, and inside and outside buses in Toronto, Vancouver and Ottawa. Online and banner ads will also run on selected websites.
"We were looking for an effective and efficient way to reach consumers," explains the Commissioner. "The combination of ads inside and outside public transit vehicles allows us to grab commuters' attention before they board, then lets them get more information as soon as they're inside." The interior ads contain customized quick response codes that can be scanned by anyone with a smart phone and the free app. The software will then automatically direct them to FCAC's website, moneytools.ca.
The free FCAC mortgage material, including publications, tip sheets, a video testimonial and two online interactive tools-The Mortgage Qualifier Tool and a Mortgage Calculator can be found online at moneytools.ca
With educational materials and interactive tools, FCAC provides objective information about financial products and services and informs consumers about their rights and responsibilities when dealing with banks and federally regulated trust, loan and insurance companies. Through its financial literacy program, FCAC helps Canadians increase their financial knowledge and confidence in managing their personal finances. FCAC also makes sure that federally regulated financial institutions and payment card network operators 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: fcac.gc.ca.
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Media relations:
Julie Hauser
Media Relations Officer
613-941-4168
julie.hauser@fcac-acfc.gc.ca
