Small, steady changes to how you pay your mortgage can shorten it and save interest over time. You do not have to overhaul your budget to make progress. Here are practical ways to chip away at the balance and move toward owning your home outright.
Accelerated bi-weekly payments add the equivalent of one extra monthly payment a year.
Even a small bump goes straight to the principal.
Apply a windfall to the balance, within your prepayment privileges.
Round your payment up so a little extra hits principal each time.
Check whether your rate, term, and payment still fit your goals.
Extra dollars applied to principal are not borrowed against again, so they reduce the interest you pay for the rest of the term. Over years, modest, consistent moves can add up to real savings.
Every mortgage sets limits on how much extra you can pay each year without a charge. Staying within your privileges lets you pay down faster without a penalty.
Often the simplest move is switching to accelerated payments. We can look at what your mortgage allows.
Not if you stay within your prepayment privileges. Beyond them, a charge can apply, so it is worth checking first.
Not always. It depends on your other goals and cash flow, which is worth weighing together.
Bring us your mortgage and your goals, and we will look at the options for paying it down sooner, within your prepayment privileges. A licensed member of our team will follow up.
Start a conversationInformation here is general and educational. It is not financial, legal, or lending advice, and it is not an offer of financing. Prepayment privileges, payment options, and any savings vary by lender and product, and exceeding your privileges may trigger a charge. Any figures are illustrative only. All financing is subject to lender review, property review, and supporting documentation. Submission of a form does not guarantee approval or financing.