Mortgage & Wealth Strategies
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Beyond The Rate
As expert mortgage brokers, we know building wealth through homeownership and achieving financial freedom is about more than just chasing the lowest rate—it’s about strategy.
We're taking you behind the scenes and giving you the insider tools and powerful strategies to get ahead. If you’re a first-time homebuyer, you’ll find everything you need to secure your first property and start building wealth from day one.
If you’re an existing homeowner, this is where you take control. Maximize the wealth-building potential of your current home with proven strategies for refinancing, leveraging equity, and optimizing your mortgage for bigger opportunities.
Your mortgage is more than a loan—it’s a gateway to long-term financial success.
Our goal is simple: to equip you with the knowledge and tools to make smart, strategic decisions that will transform your financial future.
Let’s get started.
Fast-Track Your Mortgage Repayment - Top Strategies Revealed!
June 6, 2023 | Posted by: Matt Broom-Hall
Owning a home debt-free is the dream, isn't it? Who wouldn't want to shake off the shackles of their mortgage ahead of schedule? Yes, the typical Canadian mortgage may span 25 years, but you can outsmart that timeline! Let's delve into some nifty tactics to turbo-charge your mortgage repayment.
- Supercharge Your Payment Plan
Kickstart your mortgage repayment journey by tweaking your payment plan. Ever thought about an accelerated bi-weekly scheme? Yes, it might pinch your pocket a bit more each month, but it secretly sneaks in an extra payment every year. The magic of this small tweak? It shaves off years from your amortization time! Now, that's what we call efficient. - Amp Up Your Mortgage Payments:
Ready to feel the thrill of making a dent in your mortgage balance? Most lenders offer a prepayment privilege. That's your golden ticket to boost your payment amount penalty-free. The boost can range anywhere from 10% to 20% of your original payment. Received a salary bonus or a windfall? Consider channeling it into your mortgage. Your balance will thank you, and you won't even have to tweak your spending habits. - Make Extra Cash Work For You:
Got prepayment options? Use them to trim down your mortgage balance faster. If you can, make a once-a-year payment of up to 20% of the original loan amount. Some mortgages even let you hike up your regular payments by the same percentage. Got a work bonus or inherited a windfall? It's your golden opportunity to supercharge your mortgage repayments. - Negotiate A Sweeter Deal:
When mortgage renewal time rolls around or the rates start to tumble, why not negotiate for a lower rate? Stay with your current lender and tweak your mortgage, or consider switching to a different lender offering a lower rate (known in our world as a 'switch and transfer'). It's all about making your money work harder! - Consider for a Shorter Amortization Period:
Mortgage renewal on the horizon? It's your golden opportunity to opt for a shorter amortization period. Yes, your monthly payments might spike, but you'll save a fortune on interest in the long run. Weigh up your financial circumstances and your dreams of mortgage freedom to pick the perfect plan.
*Remember, not all mortgage products offer these options. Always double-check your mortgage package or reach out to me to prevent any surprise penalties.
Ready to sprint towards mortgage freedom? Contact me today. Together, we'll evaluate your situation, consider the above strategies, and carve out the fastest path to mortgage-free living tailored to you!
Empowering You, Elevating Communities, Redefining The Mortgage Journey
Matt Broom-Hall
Your Mortgage Pathfinder & Change Maker
matt@hellomortgage.ca