Mortgage Blog Quick Tip #2 – Paying off Your Mortgage Loan Early

When you buy your first home and you see that 25 year amortization, it seems like you’ll be paying for your home forever. There are ways to shorten your amortization without refinancing.

1. Pay a little extra every month towards your principal. You can usually add a dollar amount that specifically goes towards the principal. Check with your TMG Mortgage Specialist to find out the minimum dollar amount.

2. Make one extra full payment a year. By doing this simple thing, you reduce your amortization by YEARS.

3. Don’t spend money on frivolities. If you have extra cash on hand, invest it in your equity or in home improvements – especially the kitchen and bathrooms which will increase your home’s value.

If you are curious about more ways to save or to pay down your mortgage quicker please call one of our specialized mortgage agents today – 1-877-933-8383 or email us at info@OttawaMortgageSolutions.com