How to save on your mortgage

Wouldn't it be great if you could just plunk down the cash for your dream home?  Unfortunately, for most of us don't have that kind of money in our hands so we take out a mortgage.

But is there anything that we can do to pay off that mortgage faster and reduce the amount of interest that will be payed to the lending institution?  Yes there is...

Bigger Downpayment

If you put 20 percent of the cost of the property down, you don't have to get mortgage loan insurance.  That means that you can save up to 2.75 percent of the loan and save the application fee.

More Frequent Payments

By paying off your load Bi-weekly or weekly, you can save a substantial amount of money in the long-term.  Using our handy mortgage calculator, for instance, you can see that paying your mortgage more than once a month can take off years in your mortgage.

Variable Rate Mortgage

Which is the best rate for a mortgage?   The real answer is, it varies.  In fact, if you're willing to take on some extra risk , it's been shown that a variable rate mortgage can end up saving the homeowner thousands compared to fixed-rate mortgages.