To encourage first-time homebuyers to consider all options before choosing a mortgage, the Financial Consumer Agency of Canada (FCAC) is launching a public awareness campaign that offers free “unbiased mortgage information.”
“There are so many options for consumers, including the type of lender, mortgage, length of term and amortization period, and the size and frequency of payments that it can be overwhelming, particularly for first-time home buyers,” said Ursula Menke, FCAC commissioner. “First-time homebuyers need to weigh those options, as they would if they were interviewing someone for a job.”
The campaign launched October 25 and will run for four weeks. Ads will be placed inside subways, sky trains and buses in Ottawa, Toronto and Vancouver. Online and banner ads are also running on selected websites.
Interior transit ads contain customized codes that can be scanned with a smart phone. It will direct the phone to FCAC’s website, moneytools.ca, which includes publications, tip sheets, a video testimonial and two online interactive tools, the Mortgage Qualifier Tool and a Mortgage Calculator.