At Dominion Lending Centres Mortgages On Point we understand the desire for financial freedom, and paying off your mortgage faster is a key step towards achieving that goal. Here are some expert tips from our brokerage to accelerate your mortgage repayment in Ontario:

1. Increased Payments: Consider making bi-weekly or accelerated weekly payments instead of monthly. This results in an extra payment each year, helping you pay down your mortgage faster.

2. Lump Sum Payments: Allocate any unexpected windfalls, tax refunds, or work bonuses towards your mortgage principal. Making lump sum payments can significantly reduce the overall interest paid over the life of the loan.

3. Refinance Strategically: Explore refinancing options if interest rates have decreased or your financial situation has improved. Refinancing at a lower rate or with a shorter term can help you save on interest and pay off your mortgage sooner.

4. Budgeting for Mortgage Prepayment: Prioritize your mortgage prepayment in your monthly budget. Treating it as a non-negotiable expense ensures consistent progress towards paying down your mortgage faster.

5. Review Amortization Period: Consider a shorter amortization period when renewing or refinancing. While this may increase your monthly payments, it can significantly reduce the total interest paid over the life of the mortgage.

6. Create a Financial Plan: Work with our mortgage experts to create a personalized financial plan. We can help you identify areas where you can allocate more funds towards your mortgage and provide ongoing support to stay on track.