If paying off your mortgage as quickly as possible is your objective, we’ll show you how.
Increase your payment frequency. We’ll show you how much you can save by paying bi-weekly or weekly, instead of monthly – assuming your lender has payment flexibility.
Make the largest down payment you can afford. This will reduce the length of time it takes to repay your mortgage. If interest rates decrease when your mortgage comes up for renewal, consider keeping your payments the same and applying more to your principal.
Take advantage of prepayment privileges or anniversary payments. Many mortgages have privileges that allow you to make larger-than-usual payments once a year. These usually range from 10 to 20% of the mortgage amount. The money gets applied directly to the principal, saving you in annual interest costs. Consider using your tax refund or annual bonus for this type of payment.
Choose a shorter length of time to repay your loan, known as an amortization period. We’ll show you how different periods (20 year versus 25 year, for example) affect your payments and interest costs.
Double your payments whenever possible – another feature of some mortgages.
Increase your payments. Many lenders allow you to increase your mortgage payments 10-20% once a year. The increased amount goes directly toward payment of your principal.
Our team can work the numbers to show you how each option above impacts your payments and interest costs. If quick paydown is one of your primary goals, we’ll target lenders with the most aggressive prepayment privileges.
You Dream It. We Finance It.