Paying Off Your Mortgage Sooner
How to shorten the length of your mortgage and minimize the cost of borrowing.
There are many benefits to shortening your mortgage, and thereby paying less for the cost of borrowing the money. You can free up money for other things in your life – the education of your children, money for your retirement or an emergency fund.
1. Make more payments. Increase the frequency of your payments. Ask us to show you how you’ll save by paying biweekly or weekly, instead of monthly. Paying more frequently can save you hundreds of dollars in annual interest costs. To calculate the difference, use our Bi-Weekly Payment Calculator.
2. Make the largest down payment you can afford. This will substantially reduce the length of time it takes you to repay the mortgage. If interest rates decrease when it is time to renew your mortgage, consider keeping your payments the same and applying more money to the principal.
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News Update
Highlights of B.C.'s 2012/2013 Budget
HST to PST Information Bulletin - February 21, 2012
The province will transition back to the Provincial Sales Tax (PST), which will replace the Harmonized Sales Tax (HST), on April 1, 2013. Until then, the province has announced transitional rules for new homes which take effect April 1, 2012.
Kevin Falcon announces HST transition rules for new homes.
British Columbia will return to the PST on April 1, 2013.