Do you want to become mortgage free? It is easier than you think! Let Stephen Lau and the Edmonton Home Pros team show you how. Together they’ve developed some interesting tips that can help you make smarter choices when it comes to your mortgage; which can save you money and take years off your mortgage:
Get pre-approved. The last thing that you want is to purchase a property that you cannot afford. Getting a mortgage pre-approval will not only help you better balance your budget, but will also help you understand your limits when house hunting.
Pay often. Once you’ve purchased your home, consider making bi-weekly payments rather than monthly. These payments help your overall credit rating and will add up at the end of the year.
Pay Double. At least once per year, pay twice the amount that is necessary. You would be surprised how much money you can remove from your amortization period with it.
Pay more. It is recommended that you pay more than the minimum amount required on a property’s mortgage. Homeowners who pay only the minimum amount on a mortgage typically take longer to pay it off due to the interests.
In a 2012 survey conducted by the Royal Bank of Canada, over 65% of Canadian homeowners are concerned with their mortgage rates and over 50% confess that their mortgage is much higher than anticipated. Before you take the step towards homeownership, educate yourself and take the guesswork out of mortgages. This will save you stress, time, and money down the road.
The Edmonton Home Pros team has a large number of business affiliates who are ready and willing to work with Edmonton homeowners. These professional associates include: lawyers, mortgage specialists, and financial institution representatives. For more information contact Stephen Lau today.