Pay Off Your Mortgage Faster
Mortgages in Canada are typically amortized between 25 and 35 years term. Although it may seem like a long time, you do not have to stick to the rules. Nowadays, there are programs, schemes, and plans that will help you pay off your mortgage in a shorter stint.
POSITIVE STEPS TO PAY OFF YOUR MORTGAGE FASTER
A little thoughtfulness and some sacrifices here and there can help you pay off your mortgage faster. Let us look at some of the positive steps you can follow –
- Weekly or Fortnightly Payments – You can choose to pay your mortgage each week or every two weeks to lower your interest rate. This method can take your mortgage term from 25 years to approximately 21 years.
- Strategic Mortgage Payments – One of the best ways to pay off your mortgage faster is by increasing the amount when your income increases. It is an excellent tactic to drop your mortgage balance much faster without compromising your lifestyle and spending habits.
- Make Extra Payments Whenever Possible –Mortgage lenders also allow you to make an extra payment on your mortgage balance each year. Grab this opportunity whenever possible and watch your mortgage term plummet in duration.
HOW CAN WE HELP?
The licensed mortgage professionals like Jaspreet Bansal will assist you in shortening your mortgage term through feasible practices. In addition, we will analyze your financial trajectories to help you incorporate the best practices in your mortgage term. So, get in touch with us to take control of your mortgage duration.
