1. Shorten Your Amortization Period.
The best way to save the most money,
is to shorten the amortization period. However, you may want to start off
with a 25 year amortization for the lowest possible payment, particularly
if you are a first time buyer.
2. Increase Your Monthly Payment.
Once each calendar year, on any regular
payment date, you can increase your payments up to 100% of your original
monthly payment over the term of your mortgage.
3. Reduce The Amount of Interest
Payments.
Rather than make monthly payments, pay
your mortgage bi-weekly or weekly to pay your mortgage off faster! See our
MORTGAGE ANALYZER and calculate the savings by reducing your principal amount
quicker, while saving you thousands of dollars in interest fees.
4. Reduce The Principal Amount Each
Year.
Putting down some extra money at the
beginning or end of each year towards your mortgage will reduce your amortization
period dramatically. It can take years off your mortgage simply by putting
some money down towards the principal amount. This means added savings in
the amount of interest you pay. See your broker for further details.
Try our online
Mortgage Calculators by clicking here. |
