Tips on how to reduce your mortgage

Tips on how to reduce your mortgage

and save for the long term...

 

   Tips on how to reduce your mortgage.

1. Always go biweekly on your mortgage payments and NOT monthly.  Monthly payments will work out to 12 installments and biweekly will end up to be 13 monthly payments a year.

2. Always try to exercise your pre-payment privilege each year.  With most banks you can put 10-20% on the original mortgage towards the principal.  So when you have extra money, your tax refund or vacation pay, put it towards the mortgage principal.

3. Go variable but make your mortgage payments based on the fixed.  This way you will be throwing more principal towards your mortgage.

4. Sometime's its not only the mortgage that people have to pay.  It is also the other debt such as car loans and credit cards.  It is best to refinance the mortgage plus the debt and make one payment, that way you are able to save money and be more aggressive on your mortgage payment.

For more information contact us at 

416-920-9931 or mortgages@eddiemac.ca

Visit us online at www.eddiemac.ca

Your Toronto Mortgage Broker

637 College Street, Suite 201, Toronto ON, M6G 1B5