How do I pay off my mortgage faster?

Author: Boychuk Mortgage Group |

Two main methods

  • Accelerated Bi-Weekly Payments
    • This will turn your 25-year mortgage into 21-years
  • Pre-Payment Privileges
    • This option allows you to pay a specified amount towards your mortgage each year without penalty. Usually 15% - 20% of the mortgage balance

Also, consider the Sweet 16 Method - Increase your mortgage payment by 5% year over year (x 1.05) & you’ll be mortgage FREE in 16 years instead of 25