Purchasing a Kelowna home is a great accomplishment but one of the biggest accomplishments after the fact is to pay off your mortgage. If you are looking to pay off your mortgage quicker than you have come to the right place! The team at Quincy Vrecko and Associates have some great tips on how to pay off your mortgage!
Add onto your monthly payment by rounding up
One of the ways you can pay off your mortgage quicker is by rounding up your monthly payments. For example, if you are paying $1270 per month, round up your payments to $1300 a month. That is only an extra $30 a month that you have to put away which is not even a dinner out for two! The more you can put away each month the better, but even the smallest amount of money can make the difference!
Put away extra money to pay off your mortgage quicker
Did you get a raise from work? Just received a generous birthday gift? Did you win the lottery (okay, I know, we all wish). Put any extra money into your mortgage. This money is extra that you were not necessarily expecting and you may have not budgeted for. This adds up, it will help pay your mortgage off quicker!
Switch to Bi-Weekly Payments
One of the easiest ways to pay off your mortgage quicker is by switching to bi-weekly payments rather than sticking to monthly. By switching to bi-weekly payments you will pay more times per year and resulting in a decrease of how long it takes you to pay off your mortgage. You know what that means right? You are paying off your mortgage quicker!
If you are looking for more ways to help pay off your mortgage quicker contact the team at Quincy Vrecko and Associates. We work with some of the top mortgage brokers in Kelowna. We recommend before making any changes your mortgage options, consult with a mortgage broker to ensure that it is the right move for you and your mortgage!