Even small increases as little as 3% or 5%, done year over year, can dramatically shorten the life of your mortgage.
The benefits of shaving years off your mortgage are two-fold; you’ll find yourself owning your home years (or even decades) earlier than anticipated, and you’ll also save thousands of dollars in interest payments. Keep in mind that a large portion of your monthly or bi-weekly mortgage payments often go towards interest, and not your mortgage principal.
If you have questions about how much you could save by simply increasing your mortgage payments, or if you have any other mortgage related inquiries, email MonsterMortgage.ca at info@monstermortgage.ca or leave your questions here.
BACK TO BLOG FEED