As a homeowner, you know the commitment and hard work of owning your own home. But have you ever thought of paying off your mortgage faster? Paying off your mortgage sooner can help you save money on interest and give you more financial freedom. This article will discuss six strategies to help you pay off your mortgage faster in Niagara, Canada.
Make bi-weekly payments
Instead of monthly payments, consider switching to bi-weekly payments. This will result in 26 payments per year instead of 12, which can help pay off your mortgage faster. Instead of monthly payments, consider switching to bi-weekly payments. This will result in 26 payments per year instead of 12, which can help pay off your mortgage faster. Use your tax refund: Take advantage of a large refund by putting some or all of it toward your mortgage.
Increase your payments
If you have the means, consider increasing your payments. This will help pay off your mortgage faster and save you money in interest over the life of the loan.
Make lump-sum payments
If you have extra money, consider making lump-sum payments toward your mortgage. These payments can be applied directly to the loan’s principal, which can help pay it off faster.
Consider a refinance: If you have a good credit history, refinancing your mortgage can lower your interest rate and/or shorten the term of your loan. This can help you pay off your mortgage faster.
Government programs and incentives
Take advantage of various programs and incentives offered by the government to help pay off your mortgage. For example, the Homeowner Mortgage and Equity Partnership program provides financial assistance to low-income households to help them repay their mortgage. Additionally, the First-Time Homebuyers Incentive program assists first-time homebuyers with the costs of purchasing a home, including the down payment.
Increase your income
If you have a second job or additional source of income, consider using some of your extra money to pay off your mortgage. Consider doing overtime work at your current job, working part-time, or taking a leave of absence to focus on paying off your mortgage.
In summary, paying off your mortgage can be daunting, but it doesn’t have to be. Whether you refinance or make additional payments, multiple strategies can help reduce the amount you owe and the time it takes to pay it off. Taking advantage of these options could save you thousands in the long run.
Check out our great mortgage calculators to understand the impact of these strategies.