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 began Monday, 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 Menke. The campaign directs consumers to FCAC’s website, moneytools.ca, where they can find FCAC publications, tip sheets, a video testimonial and two online interactive tools — The Mortgage Qualifier Tool and a Mortgage Calculator.

IE