Canadian homeowners carried an average of $190,000 in mortgage debt in 2015
This according to a Manulife Bank of Canada survey. That’s a lot of money to owe a lender and thousands of dollars in interest to pay over the life of a mortgage.
One way to limit the amount of interest you pay is to pay off your mortgage faster than your agreed upon amortization schedule. Quickly paying down your mortgage will reduce the principal and thus reduce your interest charges. More money for you, less money for your lender.
Fortunately, there are several ways to pay your mortgage off quickly that require almost no effort. Let’s take a look at them below.
Choose Accelerated Mortgage Payments
Accelerated mortgage payments are the oldest trick in the book and…