- 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.
- Always try to exercise your pre-payment privilege each year. Most banks yyou 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.
- Go variable but make your mortgage payments based on the fixed. This way you will be throwing more principal towards your mortgage
- Sometime’s it 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 and that way you are able to save money and be more
aggressive on your mortgage payment
That is why is important to speak to the mortgage broker to teach
you all the options you can exercise.
For more information contact your Toronto Mortgage Broker
at 416-920-9931
Follow me on Twitter
Like us on Facebook
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.