Do You Want to Pay Your Mortgage Down Faster?
As you are well aware, your mortgage is a large financial commitment that takes an average of 25 years to be paid off. If you are looking for some tips on how to pay your mortgage down faster, we’ve got you covered!
There are many ways you can pay off your Red Deer mortgage and become debt-free even faster:
- If your mortgage agreement allows, you can increase your monthly mortgage payment amount, which will help you pay down your mortgage principal even faster.
- Take advantage of your pre-payment privileges! If your mortgage agreement allows for pre-payments, make a lump sum payment to immediately decrease your outstanding principal on the loan, but continue to pay the same monthly payments. This will help you pay off your mortgage faster and lower the amount of interest you have to pay on the borrowed funds in the long run.
- If you are charged fees for pre-payment, that option may not be the right fit for you. Instead, when it comes time to renew your mortgage, your mortgage will become open and at this time you can pay the lump sum towards your principal.
Regardless of your current mortgage requirements, there is a way for your to pay your mortgage down faster, saving you tons of money in the long run. If you are interested in finding out more about your Red Deer mortgage payment options, talk with us today!