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Top ways to pay down your mortgage quickly

Published on January 10, 2018

Regardless of what you owe, paying down your mortgage is a smart money move. Here are the best ways to do it.

Reduce your spending:

You don’t need to make massive sacrifices but cutting back on things you don’t really need will make a big difference. Look out for invisible money drains, such as cable bills, for a hoard of channels you probably never have time to watch. Swap fancy vacations for staycations.

Pay off your credit card debt:

Once your debts are paid off, you’ll have more money freed up to put toward your mortgage.

Make money:

Increasing your income will help you pay off your mortgage faster. There are countless ways to make extra cash. Selling on eBay, taking up a second job or taking in a renter are just some of the ways you can supplement your income.

Get a high-interest savings account:

Though you’ll want to increase your mortgage repayments to pay off your debt quicker, you might want to put any large amounts of cash in a high-interest savings account. Gaining extra interest on your savings can then be used to pay off your existing mortgage.

Save all windfalls:

Put your annual bonus, increments, investments earnings or surprise winnings towards your mortgage repayment. ­

Make one big payment:

Check with your bank if you can make an extra payment each year. This is usually applied directly to the principal and is a great way to chip away at your mortgage.

Stay informed:

Keep up-to-date on interest rates and new mortgage options. You could save a ton of money by simply understanding what your options are.

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