Paying Your Mortgage Off Faster

Some people are happy with their mortgage payments and the terms in years for paying off their mortgages, and that is fine.

While other people want to get their mortgage payments done with and their home paid off.
There are a variety of ways of getting your mortgage paid off faster and by paying off the mortgage faster, you are saving a ton on interest payments.

 Look at your mortgage, what is the interest rate you are paying?  Are there better interest rates on the market?

Next,  look at the terms of your mortgage. Does it allow you to prepay an amount monthly, yearly? Are the prepayment terms too high of an amount you would never prepay, anyway.

If you are paying too high of an interest rate and your prepayment terms are too impossible, your next step may be to switch your mortgage to a different Lender to have the flexibility to prepay and to get a lower rate. Just getting a lower rate will take off a few years of your mortgage payments.

So now, you have taken the necessary steps to make paying off your mortgage a reality.
Now What?

There are different ways you can pay off your mortgage faster. You can do it all or in part and you will still get your mortgage paid off faster.

1. Switch from monthly to accelerated bi-weekly or accelerated weekly payments.

2. Pay an extra $100.00 bi-weekly or weekly.

3. Make a lump-sum payment of just $1000.00 or more per year for the life of the mortgage.

If you combine all 3 steps by the minimum amounts you could be mortgage-free as much as 8 years faster based on a $200,000.00 mortgage.



The difference Accelerated Bi-weekly
payments make











Need more information?  Be sure to contact me.

Angela Kroemer, AMP

Mortgage Professional

TMG The Mortgage Group Canada Inc.

TMG Sharie Marie Mortgage Team

Local: 1.250.650.4182

TFP: 1.888.679.0190

Fax: 1.888.679.0192

akroemer@mortgagegroup.com

www.KROEMERmortgages.com

 

Facebook pages

 

https://www.facebook.com/#!/akroemer

https://www.facebook.com/#!/cvmortgages

https://www.facebook.com/#!/campbellriverbc