Kingston Mortgage Broker Shows You How To Pay Down Your Mortgage Faster
Kingston Mortgage Broker Shows You How To Pay Down Your Mortgage Faster
Kingston Mortgage Broker Shows You How To Pay Down Your Mortgage Faster
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Home Page > Finance > Mortgage > Kingston Mortgage Broker Shows You How To Pay Down Your Mortgage Faster
Kingston Mortgage Broker Shows You How To Pay Down Your Mortgage Faster
Posted: Feb 22, 2010 |Comments: 0
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Canadian interest rates are at an all-time low, so many Kingston residents are refinancing their mortgages. Many people refinance to cash in on the lower interest rates, to consolidate debt, make home renovations, invest in real estate, or take vacations.
If you’re considering refinancing your mortgage in Canada, and specifically, in Kingston Ontario, follow these tips to pay it off as fast as possible:
Tip #1
Prepay ASAP
As soon as your mortgage broker has placed your mortgage, start making extra payments as soon as you can. Mortgages are interest-heavy upfront, so the faster you pay down your principal, the more interest savings you will achieve. The bulk of your payments in the first five to seven years of your mortgage are simply paying interest. By making extra payments, you’re principle is reduced. This will save you thousands of dollars and help you increase your equity in your property.
Tip #2
Annual Lump Sum Payments
Most lenders let you pay off 20% of your mortgage in annual lump sum payments. For many Kingston residents, who get annual bonuses or raises, this is the perfect place to dump your extra money. It cuts years off the length of your mortgage and saves you tens of thousands of dollars.
Tip #3
Keep Your Monthly Payments The Same
If you have a variable-rate mortgage and the rates go down, your payment will also go down. Instead of making smaller monthly payments, contact your lender and ask them to keep your payments the same.
Tip #4
Payment Round-Up
If your monthly mortgage payment is 2.15 and you round it up to 0, the additional .85 per month will chop years off your mortgage and put thousands of dollars in your pocket. Your mortgage broker can give you the exact figures for these calculations.
TIP #5
Pay Increase = Payment Increase
When you get a raise, or your income increases, apply the extra cash to your mortgage.
Tip #6
Increase Your Frequency
Change the frequency of your mortgage payments from monthly to bi-weekly, or even weekly. At the end of the year, you’ve made an additional payment and saved yourself another bundle of cash.
There are countless ways to save money on your mortgage. These six suggestions are only the tip of the iceberg. Your Kingston area mortgage broker can fill you in on an entire portfolio of ways to save money on your mortgage and cut down the length of time it takes you to pay it off.
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Canadian interest rates are at an all-time low, so many Kingston residents are refinancing their mortgages. Many people refinance to cash in on the lower interest rates, to consolidate debt, make home renovations, invest in real estate, or take vacations.
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Terry Telford -
About the Author:
Terry Telford is a publisher and avid promoter of Kingston, Ontario, Canada. If you live in Canada and you’re looking for a mortgage with low monthly payments, start off at http://www.BestRateFinders.com
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