4 Strategies to Pay Off Your Mortgage Early

Bi-weekly payment plan
Paying on an accelerated bi-weekly payment plan saves you interest over time.

Pay a lump-sum
Your contract may limit how much you can pay and at what time.

Keep the same monthly payments when you renew
Even if your new rate is lower, pay the same monthly amount if you can afford it.

Increase your payment amounts
This can save thousands in interest and shave a few years off your mortgage.
Example below:

If you’re ready to pay off your mortgage early, but want to avoid a prepayment penalty, consider these options:
• Port your mortgage – if you’re moving, take your existing rate, terms, and conditions with you to your new home.
• Shop around at the end of your term for a more flexible lender.

Make sure you talk to your bank or lender and tell them your plans before you get started. If you want to learn more about these best practices, talk to a mortgage professional – call us for a great referral!