No one said it’s going to be easy peasy lemon squeezy but if getting rid of your mortgage is number one priority for you, then it can be done.

There are 2 strong motivating factors to pay off your mortgage as soon as possible:

1. No more mortgage payments = more of your pay cheque is discretionary income.
2. Paying down your debt faster = less interest paid to your creditor.

The fact of the matter is that you owe a whack of money to your bank and it won’t magically disappear but most mortgages can be repaid faster by either increasing the payments or making lump sum payments. In either case, anything paid over and above the contracted payment, goes directly to pay down the principle owing. This means a lower amount to calculate interest on each month!

Most of us receive little bits of money here and there and very often, it trickles in and it’s spent before we know it. Things like:

• Tax refunds
• Bonuses
• A small raise
• GST Refund
• Universal Child Care Benefit
• Expense reimbursements
• Overtime
• Extra income

Put this money against your mortgage they can make a big impact. Save them up for a lump sum payment or increase your mortgage payment by your raise – either way, check out how you can make extra payments with your mortgage lender.

You may say that your mortgage rate is really, really low and it’s true that if you have other debt with a higher interest rate, that should be your first target. Just think how great it would be to choose what to do with your mortgage payment each month!