These tips make paying your mortgage off faster EASY.
Seeing that a mortgage is probably the biggest (and longest) loan you’ll ever have, it’s only natural to want to save money on interest, shorten the length of time you spend paying off your mortgage, and avoid any prepayment penalties if you ever decide to sell your home and move.
Besides using a mortgage broker who can help you get a lower interest rate, the following tips can save you thousands of dollars and help you pay off your mortgage years sooner:
1. Increase the Frequency of Your Mortgage Payments
Potentially save yourself hundreds of dollars in interest and pay off thousands of dollars more on your principal over the length of your term!
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2. Increase Your Mortgage Payment Amount
Get your money back in your pocket (where it belongs) faster! Build those dreams!
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3. Shorten Your Mortgage’s Amortization
Definitely something to consider upon renewal or when you are refinancing!
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4. Make Lump Sum Payments
Use those annual bonuses towards your mortgage – Short term pain for long term gain!
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5. Perform Upgrades or Regular Maintenance on your Home
Preventative maintenance can save you money!
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6. Stay in your Home or Port your Mortgage
Know your options – Speak to your mortgage broker!
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