Buying a home is a major purchase that most people pay off over a long period of time. However, certain easily accessible choices can help you save on interest and speed up your mortgage repayment. Here are five tricks to pay off your National Bank mortgage more quickly.
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- Increase the frequency of your payments
This option is often considered the easiest option to incorporate into a budget. Simply increase your payment frequency from monthly to weekly or biweekly. And why not time your mortgage payments to coincide with when your salary is deposited? [……]
Reduce your mortgage debt faster with these money-saving strategies:
Shorten your mortgage
Many homeowners aim to pay off their mortgages in 25 to 30 years. Reducing your amortization period by five or more years can make a huge difference in the amount of interest you pay.
Increase your payment frequency
With more frequent and accelerated payments, you may pay a little more each month, but you’ll pay your mortgage down faster, saving you interest costs over the long term.
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Take advantage of your mortgage prepayment options
Pay down your mortgage faster and save thousands of dollars. Here’s how:[……]
Given the record debt of Canadian households, BMO Bank of Montreal suggests that owners opt for a mortgage loan with a 25-year amortization period.
“The shorter your mortgage, the less interest charges you’ll pay in the end. By choosing a 25-year amortization period, you free yourself from your mortgage quicker, and you can start to save more for your long-term objectives, such as financing your retirement,” the financial institution explains.[……]