How can I save money on my mortgage?
Is there anything I can do to ensure I am saving some money when it comes to the interest on my mortgage?
What are some options that are available to me?
In terms of saving money on your mortgage, there are a few things that you can do:
- accelerated payment frequency: you make an extra payment directly against your mortgage each year; you’ll save in interest!
- Shorten your amortization: the shorter your amortization the more you have to come up with for each payment, but the less you’ll pay in interest overall!
- Make a principal prepayment against your mortgage: the majority of mortgages come with the elasticity to make an annual prepayment each year. It tends to run somewhere between 10 and 20% of the original mortgage amount.
Remember to keep the following options in mind when considering saving money on your mortgage or if you're looking to pay it off quicker.
Feel free to contact one of our knowledgeable agents for more mortgage related advice or visit our website for more details.