Could an Extra $100 a Month Save You Years on Your Mortgage?
Many homeowners spend weeks shopping for the best mortgage rate, comparing lenders, and calculating monthly payments before they buy a home. Once the paperwork is signed and the keys are in hand, most people simply make their payments and move on with life. What often gets overlooked is how much control homeowners may have over their mortgage after closing. A small change to your payment strategy could potentially save thousands of dollars in interest and help you pay off your mortgage years earlier than expected. Why This Matters Right Now The past few years have been challenging for many Canadian households. Rising grocery prices, higher insurance costs, increased utility bills, and fluctuating interest rates have stretched family budgets. At the same time, some homeowners are finally finding a little breathing room as incomes increase, debts decrease, or financial situations stabilize. When that happens, a common question comes up: “Should I put extra money on my mortgage?” ...