Ways to pay down your mortgage FASTER
The point of getting a mortgage is to pay it OFF! Imagine the freedom of having your home paid for...these tips can help you get one step closer to just that.
1) Pay down as much as you can afford on the existing mortgage before renewing.
2) A new mortgage should be tailored to your specific needs and not to the latest headlines.
3) If the renewal rate is lower than your previous rate and you are still comfortable with making these payments, keep the payments the same at the lower rate.
4) If you're making more money, try shortening the amortization of the mortgage by making larger payments. Even a small increase can make a BIG difference in the total interest you pay in the long term and pays down your mortgage faster.
5) Apart from making larger payments, you can also change the frequency of your mortgage payment from monthly to accelerated biweekly or weekly instalments which greatly reduce your total interest cost.
You can do it!
Nikole Krupka Rolof
Mortgage Broker
Edmonton & Area