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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.