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Mortgage Tips - Saving Money On Your Mortgage
Here are a number of ways you may be able to save money on your mortgage:
- Add lump payments directly against your principal, as allowed in almost every mortgage. Some statistics used to say that 98% of Canadians failed to exercise that option, but especially in the early years of your mortgage, you can have a major impact on your interest charges by doing this.
- Increase your regular mortgage payments as you get raises at work, or see your income rise. This is another provision provided for in most, if not all, mortgages.
- Change your frequency of payments from monthly to bi-monthly, or even weekly. The sooner you get payments in the lenders hands, the more it will save you in interest charges.
- Do not renew your mortgage without shopping around with the help of a broker.Many lenders are more interested in gaining new clients then they are worriedabout retaining old ones. They know that about 80% of Canadians just renewautomatically, so they do not offer their best rates in their renewal options.
- When revamping your mortgage, consider reducing the amortization period as much as you can afford. Think of it as another way of paying yourself, and owning your own home sooner.
- Improve your interest rate when possible. I can show you what the costs and benefits of different packages, including renewing early.
- Whenever you have a question about your mortgage, check it out. Call me. With just a little pro-active attention, you can sometimes shave thousands of dollars and years off your mortgage burden.
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