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3 ways to pay down your mortgage faster

Speed it up

You can pay more often by increasing your principal and interest payment frequency from monthly to rapid bi-weekly or even rapid weekly. Over time, more frequent principal and interest payments will mean that you are paying your Mortgage faster.

Increase your payment

With certain mortgages, you can increase your original scheduled principal and interest payments by up to 100% during your mortgage term. That’s double your normal payment amount. For example, if you typically pay $2,000 a month, you can increase your payment up to $4,000 a month during your mortgage term. With other mortgages you can increase your payment by any amount at any time.

Make a lump sum payment

Got some extra cash? Use it to prepay a bit of your mortgage and shrink the amount you owe, faster. Certain rules apply for lump sum payments depending on the type of mortgage you have.

Different rules apply depending on your lender and mortgage product. Talk to a member of our team to review your options.

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Tracy and her team are here to help. Apply online or contact us today and allow us to help you along your journey in life. We will always provide sound financial advice on the best options for your mortgage.