Mortgage broker Toronto tips for paying your house off faster.

Thursday, 16 November 2017 12:30

There are at least some mortgage broker Toronto experts that think rates are at the bottom of a long slow climb upwards. That means you’ll need to fight back with some ideas on how to pay your loan off quicker.

Here’s a few tips that will get you to the finish line faster.

Of course we can help you get the best mortgage rates. However, we can also look for some other great feature like:

Prepayment Options

 As the rates climb it becomes even more important than ever to pay the principal down. That’s where these prepayment options come in handy. Making lump-sum contributions that go straight to what you owe and not interest is a great way to pay off your mortgage.

Look for a lending institution that will let you increase your monthly payments or make some in between those intervals.

Transfer Options  

Maybe you’ve been transferred through work. Or maybe you can’t find a house in the neighbourhood you like that will handle your growing family. Either way moving is made much easier when you can take your existing mortgage with you and finance a new loan that includes the old one.

Looking for these portability options makes it easier for you to pay things down. And a transferred mortgage can also save you a tremendous amount of money in penalties. It’s another option our mortgage broker Toronto service looks for.

Discipline 

In the end, there’s really no alternative to good old-fashioned discipline. If you have a few extra dollars it should always go to your mortgage if you want it paid off early. Bonuses from work and even tax return money can help you get to the finish line.

We’re always happy to answer your questions as your mortgage broker Toronto of choice. Why not get in touch with us today?