Paying off your mortgage faster

Author: External Author | | Categories: First Time Home Buyer Mortgage , Interest Rates , Investment Property Mortgage , Licensed Mortgage Professional , Mortgages

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To pay off your mortgage faster, consider putting extra money toward your mortgage.

Your mortgage contract may allow you to:

  • increase the amount of your regular payments
  • make lump-sum payments

Your lender calls this a prepayment or prepayment privilege. Check your mortgage contract or contact your lender to find out about your prepayment options.

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Original Article Source Credits:   Canada.ca , https://www.canada.ca/

Article Written By:  NA

Original Article Posted on:  2020-09-16

Link to Original Article:  https://www.canada.ca/en/financial-consumer-agency/services/mortgages/pay-mortgage-faster.html



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