Did you know that a mere $30 extra with each of your monthly mortgage payments could save you about $11,000 over the life of your mortgage? When you add it up that‚s roughly what you spend for your medium double double everyday. With good planning and a few smart tactics you can fast-track to a life that is mortgage-free.

Let‚s say you have a $125,000 mortgage at six per cent interest amortized over 25 years:

1.    Increase your monthly payments. If you can afford $1,000 per month but your mortgage only demands $800 per month, make a payment of $1,000 instead. You‚ll shave 8.75 years and almost $46,000 off your total interest costs.
2.    Take advantage of lower rates. In addition to reducing the overall interest component of your mortgage, you can pay the principal down faster.
3.    Accelerate to bi-weekly payments. With more frequent payments you can fit in an extra payment each year and be mortgage free four years sooner with almost $22,000 in savings.
4.    Use any bonuses, tax refunds or „found money‰ to pay down principal. This is especially valuable in the early years of your mortgage. If you receive an annual bonus or other lump-sum compensation, see if you can put it against the principal.
5.    Consolidate your loans into a new mortgage and use the savings to boost your payments. If you‚re a homeowner with some equity, use your mortgage to consolidate your other loans. Add the money you‚ve been spending on loan payments to your mortgage payments to see big savings in overall interest.

More information on how to fast-track your mortgage is available by calling Linda Renaud in Kelowna at 878-6706.