1. Understand your prepayment privileges
Some mortgages allow additional payments or lump-sum payments without a penalty, up to certain limits. These privileges vary by lender and mortgage product. Always check your agreement before paying extra.
2. Ask about accelerated payments
Accelerated weekly or biweekly payments may help you reduce principal faster than a standard monthly schedule. Make sure you understand how the payment amounts are calculated and whether the higher annual total fits your budget.
3. Consider increasing regular payments
If your lender allows it and your finances permit, increasing your regular mortgage payment may help shorten the time needed to repay your mortgage. Stay within any permitted limits to avoid penalties.
4. Review the mortgage term and amortization
A shorter amortization generally means higher required payments but less interest over the full repayment period, all else being equal. Compare the flexibility, costs and risks of different options with a qualified mortgage professional.
Before making changes
Prepayment charges, contract restrictions and other priorities - such as maintaining emergency savings - can affect whether an option makes sense. Do not rely on generic savings examples without calculations based on your actual mortgage.
Buying a home involves more than finding the right property. I can help with the real estate side while your mortgage professional advises on financing and repayment options.
This page is general educational information, not individualized mortgage, legal, inspection or financial advice. Consult the relevant qualified professional for decisions specific to your circumstances.
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CENTURY 21 First Canadian Corp. Brokerage
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CENTURY 21 First Canadian Corp. Brokerage
420 York Street, London, ON N6B1R1
(519) 673-3390
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