Paying It Off Early

Mortgage is a word that has so many negative connotations associated with it. One of the least looked forward to aspects of buying a home is meeting with the bank or private Brampton mortgage lender firm. No one looks forward to that meeting in which they have to go over their financial situation to determine how much they're going to be paying in mortgage payments every month to afford that real estate property.

That's the situation though. Unless you've saved up enough money to buy a house without needing a mortgage you're going to have to sign up for one. Mortgages take time to pay off and that's one of things people dread the most when it comes to having a mortgage. There is a bright outlook on things though. You can pay off your home mortgage early and be rid of it. Who wouldn't love to be able to pay off their mortgage early? If you follow the below tips we have you just might find yourself never having to deal with your mortgage company in Canada ever again. Or at least until you buy another house.

The first tip we have is to increase the amount of your monthly mortgage payments. If you can handle such a thing. Even something as adding a $100 more to your monthly mortgage payment can save you thousands of dollars in interest and shave years off your mortgage. It's a sacrifice worth making. You could also make your more mortgage payments more frequently. Instead of paying every month you can make payments every two weeks. It might not seem like much but, again, your interest will go down and your home will be yours even sooner.

Take advantage of the pre-paid option you have by making out a lump-sum payment. This lump-sum payment goes directly to paying your outstanding principal. As long as you have no outstanding interest to pay. This is just another way to save interest over your mortgage's amortization period and having you be mortgage-free sooner. Some mortgages also come with a renewal option. If yours does, make another lump-sum payment at the time your renewal option comes up and shave years off your mortgage payment.

The next time you're out shopping for homes with your real estate agent remember what we just said and paying a mortgage won't seem as daunting.

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Thursday, July 25, 2024