Do you dream of being mortgage free one day?
Here are six tips to help you pay off your mortgage sooner and save you thousands of dollars in the process. The best part is that you will hardly notice a lot of these changes but the slight difference can equate to years and thousands of dollars.
1. Start with a Big Down Payment
From the start it is best to make the largest down payment possible. This reduces the amount you will have to pay back over the life of the mortgage as well as the interest you will be charged by your lender. In Canada, the size of your down payment also determines the fees charged by the Canada Mortgage and Housing Corporation (CMHC) which are extra expenses added to the principal of your mortgage. The larger your down…