A few quick tips to reduce mortgage penalties. You bought your house a few years ago at an interest rate of 5%. Now everywhere you look banks and credit unions are offering rates of 3% and below on fixed-rate mortgages. You’ve decided it’s time to get a better deal, but when you speak to your [...]
Ways to pay off your mortgage faster 1. Increase the amount of your payments One of the ways to pay off your mortgage faster is to increase the amount of your regular payments. Normally, once you increase your payments, you will not be allowed to lower your payments until the end of the term. Check [...]
Overview Mortgage prepayment refers to paying more than the regular mortgage payments you have agreed to pay in your mortgage contract. Examples of prepayment: increasing the amount of your regular mortgage payments making lump-sum payments to reduce your mortgage balance paying off your mortgage in part or in full before your term is over. If [...]