Paying Down The Mortgage Faster!

Canadians have heard the many cautions about carrying too much debt and are taking action to insulate themselves from  future economic downturns, according to a report released last week by the Canadian Association of Accredited Mortgage Professionals (CAAMP).

For example, in the past year, approximately 36% of mortgage holders (about 2.1 million out of 5.8 million mortgage holders) made voluntary extra payments towards their mortgages.

These include:

· 16% who increased their monthly payments (more than 900,000),
· 17% who made lump sum payments (almost one million),
· 5% who increased the frequency of their payments (about 325,000).

What's more, roughly 6% of these mortgage holders made more than one of these additional efforts.

Of those who renewed their mortgage last year and got a lower rate, 24% voluntarily increased their payments to accelerate mortgage principal reduction.

Let the Durham Mortgage Solutions Team show you how you can pay off your mortgage sooner, and save on interest costs throughout the life of the loan.  Call us to learn more about how you can include supplemental payments as part of your overall mortgage strategy.