Are you looking for ways to save money when it comes to your Canadian mortgage? With the rising cost of housing and the changing regulations in the mortgage market, it can be difficult to know where to start when it comes to cutting costs. Here are a few tips to help you save money on your Canadian mortgage.
1. Shop around for the best mortgage rate: Mortgage rates can vary significantly from one lender to the next, so it’s important to shop around and look for the best deal. Compare mortgage rates from different banks and credit unions, and don’t be afraid to negotiate for a better rate.
2. Consider shorter mortgage terms: Shorter mortgage terms will result in higher payments, but you’ll end up paying less interest in the long run. Consider a 5-year or 10-year mortgage to save money in the long term.
3. Make lump sum payments: Make a lump sum payment whenever you can to pay down your mortgage faster and save money in the long run.
4. Make bi-weekly payments: Making bi-weekly payments instead of monthly payments will help you save money on interest. This is because you’ll be making one extra payment every year, which will reduce the amount of interest you pay over the life of the loan.
5. Refinance: If interest rates have dropped since you took out your mortgage, consider refinancing to get a lower rate. You may also want to consider a cash-out refinance, which can give you access to cash while also lowering your interest rate.
6. Look into government programs: The Canadian government offers a variety of programs to help reduce the cost of your mortgage, such as the Home Buyers’ Plan and the Homeowner’s Financial Relief Program.
Following these tips can help you save money on your Canadian mortgage and make home ownership more affordable. Be sure to compare rates and look into government programs so you can find the best deal for your particular situation.