Pay Off Your Mortgage Faster
Mortgages in Canada are generally amortized between 25 and 35-year terms. While this seems a long time, it does not have to take anyone that long to pay off their mortgage if they choose to do so in a shorter period of time. Learn more about how you can pay your mortgage off faster with Taylor Mortgages.
By understanding mortgage terms and what they mean in dollars and sense, you can save the most money and choose the term that is right for you.
With a little bit of thinking ahead, and a small bit of sacrifice, most people can manage to pay off their mortgage in a much shorter period of time by taking positive steps such as:
Making mortgage payments each week, or even every other week. Both options lower your interest paid over the term of your mortgage and can result in the equivalent of an extra month’s mortgage payment each year. Paying your mortgage in this way can take your mortgage from 25 years down to approximately 21.
When your income increases, increase the amount of your mortgage payments. Let’s say you get a 5% raise each year at work. If you put that extra 5% of your income into your mortgage, your mortgage balance will drop much faster without feeling like you are changing your spending habits.
Mortgage lenders will also allow you to make extra payments on your mortgage balance each year. Just about everyone finds themselves with money they were not expecting at some point or another. Maybe you inherited some money from a distant relative or you received a nice holiday bonus at work. Apply this money to your mortgage as a lump-sum payment and watch the results.
By applying these strategies consistently over time, you will save money, pay less interest and pay off your mortgage years faster!
Are you tired of paying your mortgage every month?
We can help you pay off your mortgage faster and save money on interest. Our team is here to help you get rid of that monthly payment once and for all! You will have low rates, flexible terms, and personalized service with us. You don't have to pay anything upfront when you do business with us. There is no risk or cost.