The Truth About Paying Off Your Mortgage Faster In Canada

Paying off your mortgage early seems difficult, but with a few small tweaks every year you can pay off your mortgage faster than you ever thought possible. By using prepayment privileges and a little bit of well thought out strategy you can pay off your mortgage in as little as 4.2 years. Now most people won't pay off their mortgage that early, however just a 2.5% lump some prepayment every year can reduce your mortgage from 25 years down to 15 and save you tens of thousands of dollars in interest. In this video I show you how to make sure your bi-weekly and weekly payments are actually accelerated, I show you how increasing your payments by 10-15% per year can knock more than half of your amortization period out, and I show you how lump sum payments can really get your mortgage paid down quickly. Last, but definitely not least, I tell you what mortgage you should use if you really want to aggressively pay down your mortgage while also protecting yourself from being house poor. Also, here is the link to our big mortgage mistake we made when we got t0o aggressive paying down our mortgage.    • Our BIG Mortgage Mistake   The presenter has taken great care in preparing this video, however makes no representations or warranties with respect to the accuracy or completeness of its content. The contents of this video should not be considered a substitute for professional financial advice. Please consult a financial professional before implementing any of the strategies described in this video. The presenter shall not be held liable for any loss of profit or any other financial damages, including but not limited to special, consequential, incidental, or other damages.