• When shopping for a mortgage, the lowest rate should not be your only concern. Pay attention to the three ‘P’s’:
    • Prepayment privileges By how much can you pay down your mortgage annually without being penalized?
    • Penalties What penalty will you pay to pay your mortgage in full before maturity?
    • Portability Can you port your mortgage to a new property if you sell prior to maturity?
  • Make lump-sum payments whenever you can:
    • Making lump-sum contributions of just $2,000 per year on a $300,000 mortgage will save you $17,774 interest and shorten the life of your mortgage by six years, (based on a five-year fixed-rate mortgage at 2.99 % rate and 25-year amortization).
  • Accelerate your mortgage payments
    • The most painless way to shorten the life of your mortgage is to switch your payment frequency from monthly to accelerated bi-weekly payments

Call or email me

Call or e-mail me, your trusted mortgage advisor, to discuss your specific circumstances, 

647-201-0167 or adoria@mtgarc.ca.