Richard - Your Real Estate Professional!

Mortgage Information Tips - Saving strategies to pay off your mortgage

Saving strategies to pay off your mortgage

Many financial planners will agree that one of the best financial strategies available to homeowners is to pay off your mortgage as quickly as possible and eliminate years of paying unnecessary interest. Here are a few strategies to help you cut years off your mortgage:

Shop around When your mortgage comes up for renewal, you aren\'t limited to using the same lender. Take a look at what other financial institutions or mortgage brokers have to offer.

Consider all your options When evaluating mortgages, remember there are other factors that can have an impact on cost in addition to the interest rate. The opportunity to make supplementary payments against the principal has significant value. Penalties for early termination can also have an impact on how quickly you can retire your mortgage debt.

Make payments as frequently as possible - Most lenders will allow you to change the frequency of your payments during the term of an existing mortgage. Speak to your lender and choose the most frequent schedule of payments available to you. Choosing weekly payments versus monthly can literally save you thousands of dollars and help you pay off your mortgage years earlier.

Generate additional income from your property Renting out a portion of your property to earn income is a time-honoured practice that still holds true today. Sacrificing some living space in the early years of your mortgage can jump start\' your payment schedule. Lump sum payments applied directly to your principal early in your mortgage term will have make a major impact on paying off your home quickly and achieving financial independence.

Contact Richard at (604) 338-8926 for more information!


Phone: (604) 338-8926
Click here to email Richard Le Richard Le - Royal Pacific Realty Corp.

Professional Real Estate Service
"We Care About Our Clients."

#550 - 650 West 41st Avenue
Vancouver, BC V5Z 2M9

Copyright © 2010 Richard Le. All rights reserved. The trademarks REALTOR logo are controlled by The Canadian Real Estate Association (CREA)
and identify real estate professionals who are members of CREA. Used under license.

Each office is independently owned and operated. ©Copyright 2006.

All Rights Reserved. Reproduction in whole or in part is strictly prohibited except as indicated under the terms of use
of this website. Use of this website signifies your agreement to the Terms of Use. Privacy Policy.

Search Engine Optimization and SEO Tools