As your mortgage broker Toronto specialists, we want to help you get to the finish line quicker. That’s why you should pay attention to these three tips for paying your mortgage down.
Pay Every Two Weeks
Along with getting the best mortgage rates it helps if you can accelerate your payments. We often advise our clients to pay every two weeks instead of once a month if they can afford it. If you plan your cards right here, you can wind up making the equivalent of one extra mortgage payment a year.
It might require a little financial juggling but it pays off in the long run. One note of caution. If you don’t think you can afford to do it this way don’t try. Make sure that your income is steady and you can rely on getting a paycheck every two weeks.
Quite often, this isn’t the best option for people who work on commission or freelance.
Refinance
Refinancing will help you get to the finish line for your mortgage in some very specific circumstances. Keep in mind that even though you might be able to get a lower rate, you’ll need to reset the clock and start your payments from the beginning.
However, if you carefully plan this option and get a lower interest rate, you’ll save on interest in the long run and shorten your term.
Look Around
Getting the best mortgage professionals on your side will help you get to the finish line quicker. For example, we are experts at looking at your different options including prepayment privileges. It’s always in your best interest to remember that mortgage professionals work for you and not the big lending institutions.
Of course, we are no exception. Getting you the best terms and rates for mortgages is what we are all about as your mortgage broker Toronto professionals.
