The global mortgage industry is a multi-trillion dollar industry. The total value of mortgage loans outstanding is US$17.6 trillion in the US alone. In Canada, the latest available numbers suggest that households carry $1.6 trillion worth of residential mortgages. Yet when it comes to financial literacy around the established mortgage mechanisms, Canadians are not as aware as they can be. According to a survey conducted by the Financial Consumer Agency of Canada and the Bank of Canada, only 49 percent of the Canadian mortgage consumers could appropriately identify what mortgage terms meant, implying that more than half of the consumers could not do the same.
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