Paying Off Your Mortgage Faster

THINK OUTSIDE THE BOX:  It’s paying “more” that pays off the mortgage earlier, NOT paying “more frequently’ as many articles out there lead you to believe.  Paying more frequently does the job only if you ‘accelerate’ your payments (for example, making 13 months of mortgage payments in a 12 month period whether it be monthly, semi monthly, bi-weekly or weekly payments).  My recommendation:  pay your mortgage based on the timing of your income.  If you are paid monthly pay monthly, if you are paid bi-weekly pay bi-weekly – just pay more!  It all goes to principal to pay down your mortgage sooner and your money will be easier to cash flow if you coincide your mortgage payments with your pay structure.  Please click on the following link for some great examples and further information on paying down your mortgage faster….

http://www.fcac-acfc.gc.ca/eng/resources/publications/mortgageloan/paymortgfaster/PDF/PayMortgage-eng.pdf

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.