TORONTO, March 26, 2013 /CNW/ - With consumer debt levels at an all time
high, buying a home in today's market can be even more overwhelming as
hard working Canadians balance having a life and affording the home
they want. As the spring housing market heats up, Canadians are
wondering if now is the time to buy, renovate or stay put. Many find
themselves confused and overwhelmed about their options.
Nicole Wells, Head of Retail Lending at ING DIRECT, is available to
comment on what Canadians should be considering when it comes to taking
on more debt; including:
Potential property value drops and the impact on homeowners
When it's a good time to borrow, how much should people borrow and what
options are relevant
The importance of balancing long term goals with affordability
What Canadians need to know about getting a mortgage and how consumers
can make it easier for themselves
ING DIRECT will be hosting a Twitter chat about mortgages on Wednesday,
March 27th from 12 - 1PM EST. Follow the conversation with @SuperStarSaver by using the hashtag #OrangeChat.
A recent ING DIRECT survey* revealed:
Negotiating for a rate (59%), deciding on the right term and payment
schedule (55%) and getting customer service help from the lender (35%)
are among the most stressful aspects of obtaining a mortgage.
Simplified language in mortgage contracts (41%) and the ability to
obtain a mortgage from the comfort of their homes (16%) would make the
process of obtaining a mortgage easier.
30% of Canadians would apply extra lump sum payments to their mortgage
to pay it off faster, while 18% would increase or top up regular
mortgage payments. Only 4% of Canadians say they would break their
mortgage to get a new/better rate, in order to pay it off faster.**
About ING DIRECT
ING Bank of Canada, operating under the trade name of ING DIRECT, is a
wholly owned subsidiary of Scotiabank. ING DIRECT is Canada's leading
direct bank with over 1.8 million Clients and close to $40 billion in
total assets. ING DIRECT is a bright way forward in everyday banking
for Canadians, offering value added, simple products such as high
interest savings accounts, including TFSAs, GICs and RSPs with no fees
or service charges, low rates on mortgages and a no-fee, daily chequing
account that actually pays interest. Low cost, index based mutual funds
are sold through ING DIRECT Funds Limited. ING DIRECT has been
operating in Canada since 1997, and has paid more than $5 billion in
interest to Clients. ING DIRECT is open for banking 24 hours a day, 7
days a week, at ingdirect.ca, on mobile devices at m.ingdirect.ca or by
calling 1-800 ING DIRECT (1-800-464-3473).
ING Bank of Canada and its subsidiaries have been acquired by The Bank
of Nova Scotia and are no longer affiliated with ING Groep N.V. The
trademarks ING, ING DIRECT, ING Lion, the ING Lion logo and any
derivation, variation, translation or adaptation thereof are trademarks
of ING Groep N.V. and are used under license.
*On February 27, 2013, an online survey was conducted among a sample of
1,519 Canadian adults who are Angus Reid Forum panel members. The
margin of error — which measures sampling variability — is +/- 2.5%, 19
times out of 20. The sample was balanced by age, gender and region
according to the most recent census data. Discrepancies in or between
totals are due to rounding.
**The ING International Survey on Housing was conducted in September
2012 and includes over 18,000 respondents from 18 countries (Poland,
Germany, United Kingdom, France, Austria, Romania, Spain, Netherlands,
Italy, Czech Republic, Slovakia, Luxembourg, Turkey, Australia, Canada,
China, India and Thailand). The survey, which polled 1000 Canadians,
was commissioned by ING Group and researched by TNS NIPO.
SOURCE: ING DIRECT
For further information:
To arrange an interview or for more information, please contact: