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16 Sep

HOW TO PAY YOUR MORTGAGE OFF FASTER

General

Posted by: Patti Caron

If your goal is to pay off your mortgage sooner than I have several tips for you.  You have options with your mortgage that you may not know of, or may have forgotten about.

1)Change your payment frequency – changing your mortgage payment from monthly to accelerated bi-weekly will take years off of your mortgage repayment.

2)Increase your payment amount – requesting to increase your payment by even $50 – $100 per payment can easily take several years off.

3)Make lump sum payments – Allowed only once per year, but you can make lump payments usually of up to 15-20% of the mortgage.  I realize we don’t usually have that 20%, but you’d be surprised what an extra $1000 – $2000 can do.

4)Talk to an expert (like me) to get all of the answers. – When it is time to renew, speak with a mortgage broker to ensure that you are getting the best rates, terms and options that meet your mortgage needs.