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Tips for Paying off Toronto Mortgages

Posted On : Feb-06-2012 | seen (843) times | Article Word Count : 507 |

Toronto homeowners are always looking for ways to get out from under the debt of their Toronto mortgage and are continuously looking for ways to pay it off. But aside from paying huge lump sums that most people just don’t have lying around, why other options are there? Truthfully, there are a number of ways that you can pay off your Toronto mortgage faster, without feeling the pinch in your budget too tightly. You just have to know when, and where to look.
Toronto homeowners are always looking for ways to get out from under the debt of their Toronto mortgage and are continuously looking for ways to pay it off. But aside from paying huge lump sums that most people just don’t have lying around, why other options are there?
Truthfully, there are a number of ways that you can pay off your Toronto mortgage faster, without feeling the pinch in your budget too tightly. You just have to know when, and where to look.

One of the best ways to pay off your Toronto mortgage faster is to increase the payments any time your income increases. Whether you get a promotion with a nice new salary or you move to another job with higher pay, you should start paying a higher mortgage payment. It might not be the most exciting way to use that extra cash, but it is exciting to think about being mortgage-free one, two, or even five years faster! Most lenders won’t have a problem with you increasing the annual amount you pay on your mortgage and if your situation changes, many will even allow you to go back to the smaller amount you were originally paying. And, not only will you be paying off your principal faster but you’ll save thousands in interest too.

In addition to your income increasing, your mortgage payments might also go down if you’re paying a variable rate. But just because the rates go down doesn’t mean that your payment has to go down as well. And if you could afford to pay the larger payment when interest rates were higher, you can probably still afford to pay the same payment even when the rates are lowered. By just continuing to make that same payment, even if the rates drop, you’ll pay more in principal, less in interest, and pay off your Toronto mortgage faster. And you won’t feel a thing.

Another place where Canadians often get a hold of “found money” is when their tax returns come in. But instead of buying another gadget or going on a mini family retreat, use that money to pay a little extra on your Toronto mortgage. This is still making a lump sum payment that many think they can’t afford, but when there’s a large lump sum added to your budget, you can also add it to your mortgage payment fairly painlessly.

The general rule of thumb to pay off your Toronto mortgage faster is to increase the payments whenever you can. It doesn’t mean always cutting back or sacrificing the things you really need or want in your life. But it does mean that whenever you can afford to make a little extra towards your payment, you should. And after really evaluating the situation, you’ll most likely find that there are at least a few times when you have a bit more that you could spend on your mortgage, so you don’t have to live with it for as long.

Article Source : http://www.articleseen.com/Article_Tips for Paying off Toronto Mortgages_144843.aspx

Author Resource :
Bryan J is the author of this article. For more information about Toronto Mortgages and Toronto Mortgage Broker please visit canadianmortgagesinc.ca.

Keywords : Toronto Mortgage Broker , Toronto Mortgages ,

Category : Finance : Mortgage

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