3 simple ways to pay off your mortgage quicker

3 Quick mortgage payoffs

We would all like to be debt free, but to meet the demands of our lifestyles, not many of us can afford that position. Therefore, the most sensible course of action we can adopt is to limit our spending and ensure that the debt we do incur is paid off, not just on-time, but as soon as possible. Here are 3 ways that can help you get rid of that debt burden, fast, including your mortgage!

The obvious answer to paying off your mortgage in Guelph is obviously to make higher payments, but that can be easier said than done and you must want to do it and have the means to do it! Therefore, you must make a plan.

1.  One way to pay-off your debt quicker, is to commit to paying a double payment, or more, for a determined number of months each year. Whether its 3, 4 or more months, you decide to make that commitment to yourself. You’re paying a double payment of the amount due, for example, four times each year, it will save you thousands of dollars on your mortgage. Which can be seen as gaining ownership of your prized investment, faster and reaping even greater financial benefits. It takes some discipline initially, but the potential rewards make it worthwhile.
2. A little money can go a long way, especially when it comes to making payments on a regular basis, such as adding an extra amount to your Guelph mortgage payment each month. You will get a pleasant surprise later on if you start adding a determined sum each month to your regular payment. Whether it’s an additional $20 or $30 every month it will all add up to your financial advantage. Have a talk with your Guelph mortgage advisor and get some friendly and expert advice!

3. We all like receiving an unexpected financial windfall, whether it’s a prize, an inheritance or a lucky win on your favourite sport. To gain the maximum benefit from this money, you could use it to reduce the mortgage principal on your most valuable investment. However, it could also be to your advantage to contact your Guelph mortgage broker regarding any prepayment rules that are associated with your mortgage. It could save you from incurring a prepayment penalty, which varies between lenders and mortgage document terms.