3 Ways To Reduce The Burden Of Your Mortgage

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3 Ways To Reduce The Burden Of Your Mortgage
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• Paying off a mortgage quickly is something that
  most Canadians would love to be able to do, and
  being debt-free is a dream for us all. Not only
  is mortgage debt a financial burden, but its one
  that can put intense stress on you in many other
  ways, too. Securing your financial future becomes
  so much harder when your mortgage payments take
  up most of your monthly income for 25 years, and
  planning and saving for your retirement is
  increasingly tough if mortgage rates keep rising.
  Pay your mortgage off quicker, however, and you
  can begin to free up money that could be spent
  more wisely, such as on retirement savings.
• With mortgage debt hitting record highs in
  Canada, is it time for you to start reducing your
  mortgage debt? If yes, then check out the
  following 3 ways to do exactly that

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• 1. Increase the amount you pay every month
• This is quite simply, one of the most effective
  and easily achieved way of reducing your mortgage
  debt, and over time, when you increase the amount
  you pay each month, youll significantly reduce
  your mortgage balance and this is true even if
  mortgage rates rise. One example would be if you
  increase the amount you pay by an extra 100 per
  month, you can reduce your mortgage term by six
  to eight months based on a mortgage debt of
  180,000 at 6.

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• 2. Increase the frequency at which you make
  payments
• While this can undoubtedly be a highly effective
  strategy for many Canadian homeowners, there are
  some considerations you should carefully think
  about before deciding to start paying your
  mortgage off faster by increasing the frequency
  of payments
• Having a mortgage payment schedule with a due
  date set, can be beneficial
• Your mortgage payment schedule cannot be changed
• If your mortgage isnt amortized over 25 years,
  leaving you with little mortgage debt stress,
  this strategy may not be as effective

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• 3. Consolidate your loans
• One other way of paying your mortgage off faster,
  is by setting up a number of mortgage debt
  consolidation loans. If you have a lot of
  high-interest credit card, for example, you can
  consolidate it along with any other high-interest
  debts into a mortgage loan. Then, youll be able
  to pay one loan with monthly payments at a lower
  rate of interest.
• If your mortgage is becoming too much of a burden
  for you to bear, why not talk to a mortgage
  broker about some of the ways to pay it off
  faster, and free up some much needed cash.

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• Mortgage-broker-Calgary is your best resource for
  finding a mortgage for your property. Luke Wile,
  is one of the best mortgage brokers in Calgary
  and is proud to serve clients from across Canada,
  while being centered in Calgary, Alberta. Luke is
  proud to serve his clients with a personalized
  approach to finding his clients the best and
  lowest Canadian interest rates and terms offered
  by the major banks and private lending
  institutions. If you are looking for the best
  Calgary mortgage broker, with Luke Wile you can
  get fast and personal expertise for your
  mortgage. Contact us today!