In its 2013 Spring Survey, the Canadian Association of Accredited Mortgage Professionals (CAAMP) found 83 per cent of respondents are comfortable with their loan to value ratio on their primary residence.

When it comes to debt, first-time homebuyers show the most concern at 65 per cent compared to 23 per cent of other homebuyers. Canadians seem to show a lot of concern for their neighbours as well with 41 per cent replying they were somewhat concerned with debt other Canadians hold down from 58 per cent in 2012.

As far as mortgages are concerned, 66 per cent of respondents have a fixed-rate mortgage followed by 25 per cent with a variable or adjustable rate and five per cent with a combination of rates. Of those, seven out of 10 people have made the conscious decision not to lock in.

The survey also found two in five mortgage-holders have taken steps in the past year to reduce their amortization period. Actions taken include 15 per cent of respondents making a lump sum payment, 15 per cent increasing the amount of payments and 10 per cent increasing the frequency of payments.

When securing a mortgage, 62 per cent of respondents chose to do so through a bank, 24 per cent through a mortgage broker and 14 per cent through other avenues.

Consumer Mindset – CAAMP 2013 Spring Survey