Tips on how to
reduce your mortgage and save for the long term.
- 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 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.
- 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
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.
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