Fast track your mortgage with these easy tips.
There are options available to help you enjoy a mortgage-free lifestyle sooner rather than later.
Let’s look at the Different Types of Mortgage Repayment Options
- Monthly Mortgage Payments
- The traditional mortgage payment; where the payments are made monthly on the same day each month.
- Bi-Weekly Mortgage Payments
- You make payments every second week on the same day.
- Bi-Weekly Rapid Mortgage Payments
- Also referred to as accelerated bi-weekly mortgage payments every two weeks and allow you to pay off your mortgage quicker by making an extra payment annually.
- Weekly Mortgage Payments
- Making an equal payment each week throughout the month.
- Weekly Rapid Mortgage Payments
- Similar to bi-weekly rapid best mortgage rate payments– you make slightly larger payments which in total is an extra payment being made throughout the year.
How does this save me money on my mortgage?
Paying off your low mortgage rate using either a bi-weekly rapid, or a weekly rapid payment schedule can save you interest. For instance, you would end up making 26 ‘half’ payments, the equivalent to 13 ‘full’ payments.
Being mortgage free five years sooner may be a reality!
Accelerated Payments are NOT for everyone
While accelerated Canadian mortgage rate payments prove to pay off your mortgage a lot sooner than traditional monthly payments and can save you thousands of dollars, it may not be for everyone.
With accelerated mortgage payments, you are quite literally accelerating to a future of living mortgage free and enjoying financial freedom.