Mortgage Tips to Pay Your Mortgage Off Faster
A home is most likely the most expensive investment any Canadian will ever make in their life. Having a mortgage takes up a huge chunk of income and savings, especially if you are trying to pay it off faster. For this reason, many Canadians are looking for simple ways in which become mortgage free sooner rather than later. A specialized and knowledgeable mortgage professional can guide you and provide you with mortgage tips to help you pay your mortgage off faster. Consider the following:
1) Pay Faster & Pay More
Obviously, the more money you put towards your mortgage, and the faster you pay, the faster your mortgage will close. Rather than making monthly payments, try making bi-weekly payments. In this case, you’ll be making 26 smaller payments more frequently rather than 12 larger payments. In this case, you’ll be able to put more towards your mortgage annually.
2) Increase Your Mortgage Installment
By increasing the amount of your mortgage installment, and thus paying more, you can close your mortgage much faster. If you or your spouse has seen an increase in your income, try using that extra money to put towards your mortgage.
3) Make Lump Sum Payments
Banks permit lump sum payments towards the mortgage within certain time frames, so it’s a good idea to take advantage of that whenever you have the funds to do so. These lump sum payments go directly towards the principle, which means quicker payment of the mortgage without paying as much interest.
4) Choose a Shorter Amortization Period
Shortening the life of your mortgage will obviously mean that the closing date of your mortgage will approach sooner rather than later. Of course, this means that your mortgage payments will be slightly higher, but you will be paying less in interest at the end of the mortgage term, and therefore pay your entire mortgage off faster.
5) Use Double Up Payment Privileges
Doubling up your mortgage payments whenever you can will allow you to put some money straight towards the principle, helping you pay less towards interest and pay off your mortgage quicker.
Follow some of these mortgage tips to pay down your mortgage as quickly as possible. Contact a professional mortgage agent, like Lee Anne Taylor, to help you attain a home loan, whether you are looking for a new mortgage, second mortgage, vacation home mortgage or refinancing. Lee Anne can sit down with you to discuss your goals and find you the best mortgage for your needs. With access through Dominion Lending Centres to over 50 lenders across Canada, you only have to fill out one application and she shops your mortgage for the best terms and conditions, explaining all your options to you. Best of all, there is no cost for this service but it could save you thousands over the life of your mortgage. For a mortgage Burlington, Oakville, Milton or other areas of Greater Toronto- Greater Hamilton, visit www.HomeLoansOntario.ca today or call Lee Anne at (905) 336-8948.
How a Milton Mortgage Broker Can Help You
Milton is a town on the rise. Back in 2006, when the latest census data was released, it was shown that Milton is growing faster than any other municipality in the area. The town saw a 71.4% increase in just five short years. Located 25 miles west of Downtown Toronto, Milton has much to attract visitors and new residents alike. Here you can find campgrounds, conservation parks and recreational areas among other things. If you are thinking about moving to this area, a Milton mortgage may be just what you need to find the home of your dreams.
When you go to choose a mortgage in Milton, you need someone who can help you get a great rate as well as the right terms. Are you a first time home buyer or have no proof of income? You can still obtain a mortgage with the help of the right broker. The same is true if you have bad credit or no credit. Past bankruptcies are not an issue and the self employed can buy a home if they know where to look.
Experienced mortgage experts can sit down with you to help assess your situation and needs. You can get better service and support than through your bank, and access to hundreds of lending products throughout Canada. Mortgage brokers deal with banks as well as finance companies, private lenders, credit unions and finance companies. You only fill out one application, and your loan request can be shopped across multiple lenders. Best of all – the extra service and guidance doesn’t cost you anything – but could save you thousands over the life of your mortgage. Don’t delay any longer as home ownership is now in everyone’s reach.
The same is true if you are already a home owner. You may be looking to refinance or obtain a home equity loan. Your Milton mortgage broker can help you decide if this is the right move for you. It may be that a home equity line of credit will work better for your needs. Do you find yourself struggling to make ends meet due to high credit card bills? Talk to your broker about debt consolidation instead.
As of now, it appears that 2012 will be a decent year for the housing industry overall. .The market appears to be stable and the economy looks to be on the rise. Thanks to low mortgage rates, you can have the home you have been looking for easily. It doesn’t matter if you are looking to buy a new home or obtain a better deal on the one you currently have. With the help of First Class Mortgages, you can do whatever works best for your unique situation and reach your goals easily.
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