How can I save on my mortgage?

Forum Value Personal Finances How can I save on my mortgage?

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    Papa Bear

    Can anyone give me some good mortgage advice? I know it can be difficult to pay off. Are there any tips you could share on how I can save some money?



    You should start looking around for a good deal. Take your time. It can be tempting to take the first thing that comes your way. You will kick yourself when you find out about something better. Shop around.

    Some people make the mistake of going for the lowest interest rate. Yes, you do want a low interest rate, but you need to look at other things too. The lowest price doesn’t necessarily mean you have got the best deal.

    Getting the best deal means you have to look at several things, not just one thing. Look for a mortgage that allows you to make lump-sum payments. This can help you save money because you pay off the debt faster.



    If you want to save money, perhaps you should consider someone other than a bank, such as WFCU Credit Union. This can get you better prepayment privileges. You may also get lower rates.

    They are a large credit union in Ontario with many locations. They are experienced and have been around for many years. You should contact them and ask them, or any other reputable financial institution, for advice.



    I agree, paying lump-sum payments should be an option because you can definitely save money this way. There will be times when you get extra cash. If this happens, you should put that towards your mortgage.

    This can reduce your principal, right? It is quite possible to get some extra money. It isn’t some pipe dream. I mean, if you were to get a bonus from work or if you managed to get back some money after filing your taxes, use it wisely.

    This can not only reduce your amortization period, but you could potentially save thousands on mortgage interest. So, if you and your spouse can manage this, which is not unreasonable, believe me, it will save you a lot of money.


    Papa Bear

    I wish someone had told me this a lot sooner! We have got money back from taxes. But being the fools that we are, we decided to enjoy it and not put it towards the mortgage.



    Don’t worry about it. What’s done is done. At least you enjoyed, which is also important. Next time, put some towards the mortgage as well.



    If you speak to the credit union, ask them if it is possible to switch over to bi-weekly payments. I don’t think there will be a problem.

    On a yearly basis, you will make more payments, which is good, so, if you can switch to bi-weekly payments, do it.



    You should make some changes at home and save money. With this saved cash, you can put it towards your payments. Do you really need to eat outside food every day? Do you really need cable just for 5 channels and 97 other channels that you do not watch?

    Take a good look at the domestic situation. You could save in other areas and put this towards the mortgage.

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