Fast track your mortgage with these easy tips.
There are options available to help you enjoy a mortgage-free lifestyle sooner rather than later.
The Different Types of Mortgage Repayment Options
- Monthly Mortgage Payments
Traditional mortgage payment type paid 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 known as accelerated bi-weekly mortgage payments every two weeks and allow you to pay off your mortgage quicker by making an extra payment each year.
- Weekly Mortgage Payments
Four equal payments four times a month.
- Weekly Rapid Mortgage Payments
Similar to bi-weekly rapid best mortgage rate payments – you make slightly larger payments resulting in 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 example, you would end up making 26 ‘half’ payments, the equivalent to 13 ‘full’ payments.
Being mortgage free five years sooner can 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.