Pay Your Mortgage Down Faster

A mortgage is a big commitment. Most mortgages are paid over 25 years but we have some tips to help you pay yours off faster. Reducing the number of years you make mortgage payments can add up to big savings.

There are several ways to "pay down" your mortgage and get out of debt faster.

  • You can increase your payment amount when you arrange your mortgage, or (if allowed by your mortgage agreement) at any time during the term. This allows you to pay down your principal faster.
  • If allowed by your mortgage agreement, you can make payments more frequently which saves you money in interest charges over the long run as it allows you to pay down your principal faster.
  • You use any pre-payment privilege allowed by your mortgage agreement to make a lump sum payment. A lump-sum payment is applied directly to your outstanding principal if there is no outstanding interest owing. This saves you money over the course of your mortgage.
  • You can pay as much as possible at renewal. All Mortgages become open at renewal. This means you can pay as much as you want on your mortgage before you enter into an agreement to renew your mortgage after your current mortgage agreement expires.

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Broker Advantage

Whether you are first-time buyer or an experienced buyer with excellent credit, The Mortgage Centre has access to the very best products and rates available across Canada. Give us a call… we think you’ll be pleasantly surprised!

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Why Us?

Through training and certification, we have a good understanding of available products, features, and rates. We are here to keep your mortgage moving forward with our Mortgage Market technology, we have electronic access to various major lenders in Canada, so you’re not tied to one lender or one type of mortgage.

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Useful Tools

We understand that mortgages can be confusing and intimidating. To help demystify the process, The Mortgage Centre provides a glossary and a variety of free calculators to assist you in researching, and planning your mortgage.

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