MORTGAGE BURNING - 5 WAYS TO DO IT

The faster you can pay off your mortgage, the more you'll save in interest and the faster you can build wealth. Here are five ways to do it sooner:

  1. Add a bit to your monthly payment. Finding an extra $50 each month could shave years - and thousands of dollars - off your mortgage.
  2. Make a yearly pre-payment. Put a lump sum on your mortgage each year, eg. tax refund or bonus. There is a much greater impact when made early in the mortgage.
  3. Increase your income? Increase your payments. Just pretend your income didn't increase and maintain your usual lifestyle.
  4. Choose bi-weekly payments. Instead of paying monthly 12 times per year, pay every two weeks for 26 payments, giving you one more payment each year.
  5. Stay informed. Don't let your mortgage go on auto pilot. Save money at renewal and take advantage of opportunities.
Comments:
No comments

Post Your Comment:

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.