5 Things You Need to Know if You Have a Mortgage! |
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5 Things That Can Save Thousands on a Mortgage!
Have you ever wondered how you can pay off your mortgage and save thousands of dollars. Well here is how you can do it!
1. Most mortgages come with a pre-payment option. This will allow payments in addition to your weekly, bi-weekly or monthly amounts. You will have a maximum that you can pre-pay, but it’s likely from 10-25% of the original Mortgage amount. Using an annual bonus is a good way to use this option.
2. Once a year consider increasing your payments. Even $25 to $50 per payment will save years of payments.
3. If your payment is $976.00 consider rounding it up to $1000.00 to help reduce your amortization and therefore the amount of interest you can save.
4. If you are making your payment monthly, a 25 yr amortization will take 25 years to repay. However, if you switch to bi-weekly you’ll save 4 years and 8 months of payments. That’s a lot of money!
5. If you have a Variable Rate Mortgage and rates drop, maintain your payment so that all the extra amounts help reduce your balance and once again save you thousands.
Low rates, focused experience and knowledge, plus a helping attitude is what “Your Durham Mortgage Solutions Team” is all about. Why settle for less? Apply now & Save! Elfie Hayes as seen on the CTV National News, Rogers TV, published in RENO & Décor Magazine and profiled in Canadian Mortgage Professional Magazine.
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