5 Steps to paying off your mortgage faster!
The faster you pay off your mortgage the more money you save not paying interest. Here are 5 things you can do to pay it off sooner:
- Boost your monthly payment – Another $50 bucks per month now can save you paying thousands in interest later.
- Throw large lump sums at it whenever you get the chance (i.e. tax refund or windfall) – large sums applied to your principal early can quickly lower the amount of interest you pay.
- If you get a raise, so should your mortgage – If you pretend your income didn’t change for just awhile longer, you’ll be that much richer for it later.
- Pay twice a month instead of once – Bi-weekly payments will drastically increase the speed you pay off your mortgage.
- Pay attention – Don’t just set your mortgage on cruise control – you’ll miss opportunities to pay it off faster.
Do you live in Edmonton or the surrounding area and want to pay off your mortgage even faster? Please don’t hesitate to contact us today!