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Hefty mortgage payments 'killing the mood' this Valentine's Day

Well, this isn't good for love on the eve of Valentine's Day.

A recent survey indicates 52.1% of Canadians will be spending less on their romantic partner this Valentine's Day because they've had rent or mortgage payment stress over the past year.

67.3% said they would or would likely skip Valentine's Day with their lover in order to save for a mortgage down payment.

And, maybe most shocking of all, 44.5% of Canadians would rather save money for a down payment on a house or condominium than 'be in love.'

</who>Are you staying home and working on your home, and mortgage payments, rather than going out for Valentine's Day this year?

The survey was done by www.360lending.ca, the online Canadian mortgage brokerage that specializes in mortgage refinancing, home equity loans and home equity lines of credit.

360Lending's news release on the survey contained verbiage such as 'cash is cancelling cupid,' 'bad romance?' 'love on the rocks,' and 'limited engagement.'

"We're seeing that higher mortgage (interest) rates are seriously costing Canadians love, relationships and generally joy," said Ringo So, mortgage agent and managing partner of 360Lending.

"The reality is that Canadians have more options than they think. Homeowners need to speak with a mortgage professional if their monthly mortgage payments are mucking up their lives (romantic and otherwise."

</who>More than half of Canadians are skipping or spending less this Valentine's Day because they're worried about their mortgage payments.

Survey findings go well beyond high mortgage payments interfering with Valentine's Day.

When Canadians were asked what they've done lately to afford their mortgage 24% said they aren't travelling, 17% never go out, 11% are cancelling streaming services such as Netflix, 9% only take public transit, 9% aren't having kids and 7% are 'living on Kraft Dinner.'

Meantime, another survey by www.wahi.com, which matches consumers with realtors, in conjunction with Angus Reid Forum, finds romance and home ownership is compatible.

The survey found that 77% of Canadian homeowners bought their property with their romantic partner.

47% of BC respondents said purchasing a home with their partner improved their relationship, while the majority said the transaction had no impact on their romance.

Only 3% said buying a home with their lover made their relationship worse.

Of that small minority that experienced trouble with their relationships, the major contributors were problems that arose with the property after purchase and financial strain of the mortgage and maintenance.

85% of couples agreed on a budget going into a home purchase in an effort to live within their means.

</who>Buying a house with your romantic partner can also improve your relationship.



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