As a brokerage that originates a lot of mortgage business, I feel we have a responsibility to not only help Canadians get into their homes but also help them become mortgage free faster. Below are my tips on how you can do this!
1. Choose an accelerated mortgage payment - A lot of Canadians select a monthly mortgage option. If you can, select a faster frequency which pays down your principal faster. Most lenders allow you to change this after the mortgage has been advanced, so its never too late to make the change.
2. Round up your mortgage payments - Every dollar helps towards a mortgage. If your mortgage is $1,480 for example, you could increase the payment to an even $1,500 with that additional $20/payment going towards the principal.
3. Increase your mortgage payments - One of the easiest ways to pay down your mortgage is increase your payment. Perhaps each your if your income goes up by a % each year?
4. Save for anniversary lump sum payments, even if its small. Consistency pays off.