Tips to Become Mortgage Free

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Are you feeling weighed down by the years
remaining on your mortgage?Worried about when you
should lock in your variable rate, or unsure of
refinancing with rates on the rise? Getting a
good interest rate is crucial, but theres a lot
more you can do to ensure that you are mortgage
free sooner.
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MORE TIPS TO BE MORTGAGE FREE

• Budget for it first
• Determine if you have the flexibility in your
  budget to put more money toward your mortgage.

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• Accelerate your payments
• If you do have the extra budget room, consider
  adjusting your payment plan.
• Smaller, more frequent payments will reduce your
  interest costs and get you mortgage-free faster.
• Increase your monthly payments
• A homeowner may be allowed to pay between 10 to
  100 per cent of the mortgage payment and have it
  go directly toward paying down the principal, not
  the interest.

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• Make a lump sum payment
• Most lenders let clients pay lump sums between 10
  to 20 per cent of the original mortgage. The full
  amount can be paid in one go or it can be made in
  installments.

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• Reduce your amortization
• Making accelerated, additional and lump sum
  payments can effectively reduce your amortization
  period, while still giving you financial
  flexibility.
• You can save thousands in interest by paying off
  your mortgage as fast as your budget allows.

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Contact your mortgage lender for your payment
options and any penalties or fees you may be
required to pay. Jennifer Popo, Real Estate
Agent Royal LePage Signature Realty The Shops Of
Don Mills 8 Sampson Mews, Ste. 201 Toronto, ON,
M3C 0H5 [phone] (Mobile)