The vast majority of Canadians are happy with the terms of their mortgages, according to a report released today by the Canadian Association of Accredited Mortgage Professionals (CAAMP).

Eighty-one per cent of respondents said they are happy with the terms of their mortgages thanks in large measure to “good interest rates” and longer amortization options, the survey found.

Significantly, 37% of Canadians who have taken out a mortgage in the last year have chosen amortization periods of more than 25 years. The information was gathered by Maritz from an online survey of 2,000 Canadians in late September and analyzed in conjunction with CAAMP economist, Will Dunning.

While mortgage rates continue to be the most common factor consumers use to rate satisfaction with their mortgages, consumers are clearly pleased with the many new alternatives they have. Fifty-eight per cent cited more choice for payment options and mortgage terms as reasons for being satisfied with their current mortgage.

“Canadians, particularly first time homeowners, are looking for lending products that can help them enter the market as prices continue to rise,” says Jim Murphy, president and CEO of CAAMP. “Alternative lending products, such as longer amortizations, with the option to renegotiate terms, are keeping the housing market accessible to a wider range of investors.”

Most Canadians chose their mortgage lender because of the rate offered and most said they sought two or less quotes, suggesting that at least on rates, there is not much difference among institutions.

The number of Canadians who have consulted with a mortgage broker remained unchanged from last year at 28%; however for those new mortgages taken out during the last year, the number consulting mortgage brokers rises to 43%. The majority of Canadian mortgage holders continued to consult with one of the major banks when taking out a mortgage.

The survey asked Canadians about the turmoil in the United State’s subprime mortgage and housing markets. Most Canadians said they are aware of the events, and that they are concerned about them to varying degrees. However, they see little impact on themselves – even among those who are concerned to some degree, 58% said that the changes in the U.S. have had no effect on their recent decisions.

A copy of the survey is available at www.caamp.org.