Hate having a big mortgage? Join the club.
Canadians want to get out of debt, but according to Mortgage Professionals Canada, more than two-thirds of Canadian borrowers fail to make any type of extra payment on their mortgages. Remember that you can save yourself a lot of money by limiting the amount you spend on interest. Use these strategies to keep your mortgage interest payments low:
- Make as large a down payment as you comfortably can. The larger your down payment, the smaller your loan (principal), and the less interest you’ll have to pay.
- Arrange to pay back the loan as quickly as possible. The longer the amortization period (the life of the loan), the more interest you’ll pay.
- Commit to making weekly or biweekly payments. This will allow you to pay off the principal more quickly and therefore pay less interest on it.
If you have a plan all along to buy a home or sell yours here within Niagara, contact The Scarlett Real Estate Group for inquiries. We are one call away.