4 Tips to Save Money On Your Mortgage
Buying a home is likely one of the largest financial investments you’ll make in your lifetime.
Whether you’re a first-time homebuyer or looking to refinance your current mortgage, it’s essential to find ways to save money on your mortgage.
After all, even a small reduction in your interest rate or monthly payment can add up to significant savings over time.
Accelerated Payments
One way to save money on your mortgage is to make accelerated payments.
This means paying more than your required monthly payment, which can help you pay off your mortgage faster and reduce the amount of interest you’ll pay over the life of the loan.
By making one extra payment per year, you could shave years off your mortgage and save thousands of dollars in interest.
Pre-Payment Privileges
Another way to save money is by understanding and using your mortgage pre-payment privileges.
Most mortgages allow you to make additional payments without penalty, up to a certain amount each year.
By taking advantage of these pre-payment privileges, you can reduce the amount of interest you’ll pay over time and pay off your mortgage faster.
Avoid Mortgage Penalties
It’s also essential to avoid mortgage penalties, which can occur when you break your mortgage before the end of the term. Mortgage penalties are the charges to Canadians which add up to the billion dollar profits big lenders regularly post. 65% of Canadians pay a penalty during their mortgage term.
By the way…contact Huber Mortgage and find a lender that charges low mortgage penalties. There are a lot of them 🙂
Working with a mortgage broker to develop a long-term mortgage strategy can help you avoid these penalties and save money over time.
A mortgage broker can help you find a mortgage that meets your needs and allows you to make changes if your circumstances change in the future.
From the mouth of the Bank of Canada
According to the Bank of Canada, working with a mortgage broker can save you money and help you get a better mortgage rate. This is because brokers have access to a variety of lenders, which forces lenders to be competitive and offer better rates to win your business.
At Huber Mortgage, we work with over 60 lenders, giving us access to a wide range of mortgage products and rates. We also have over 10 years of hands-on experience in the Canadian mortgage industry, which means we have the knowledge and expertise to help you find the right mortgage for your unique needs.
Working with Huber Mortgage
When you work with Huber Mortgage, we’ll develop a specific mortgage plan that meets your financial goals and helps you save money over time.
We’ll also help you navigate the complex world of mortgages and provide expert advice every step of the way.
Conclusions and Further Thoughts
In conclusion, saving money on your mortgage is essential to your long-term financial health.
By making accelerated payments, using pre-payment privileges, avoiding penalties, and working with a mortgage broker like Huber Mortgage, you can save money and get a better mortgage rate.
So why wait? Contact us today to start saving money on your mortgage.
Sincerely,
Michael
PS – One of my hobbies is blogging about mortgages, debt and government policy. During the day I’m a MORTGAGE BROKER in Kelowna, BC!
Check out the Huber Mortgage Home Buyers Guide HERE
