How to repay your mortgage more quickly?
The majority of lenders offer the possibility to make additional capital payments each year. The amount varies between institutions but usually ranges from 15%-25% of the original loan amount. Moreover, you can also increase your monthly payment by 15%-25%. Accelerated weekly or bi-weekly payments are another interesting solution. These methods allow the client to make the equivalent of an additional monthly payment each year; the additional amount is applied directly to the capital.
If you require further assistance please contact your mortgage specialist at Multi-Prêts Brossard. Some banks offer you the chance to even double a payment, which will also go directly to the capital!
Using one or more of these options will allow you to pay off your mortgage much more quickly, and this translates to significant savings on interest. The payment strategy you adopt is the single greatest factor that will allow you to save interest on your mortgage. Consult your Multi-Prêts specialist for a consultation immediately!
