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Buying Your Home

Saving Money on Your Mortgage

1. Shortening Your Amortization Period - The best way to save the most money, is to shorten the amortization period. It is amazing how much money you will save in interest payments. However, a 25 year amortization period does allow you to make the lowest possible payments, which first time buyers might want to start off with.

2. Increasing Your Monthly Payment - With many lenders once each calendar year, on any regular payment date, you can increase your payments up to 100% of your original monthly payment over the term of your mortgage. Some lenders offer different opportunities as well to pay off your principal amount.

3. Reducing the Amount of Interest Payments - Rather than make monthly payments, pay your mortgage bi-weekly or weekly to pay your mortgage off faster! This will reduce your principal amount quicker, while saving you thousands of dollars in interest fees.

4. Reduce The Principal Amount Each Year - Putting down some extra money at the beginning or end of each year towards your mortgage will reduce your amortization period dramatically. It can take years off your mortgage simply by putting some money down towards the principal amount. This means added savings in the amount of interest you pay.

Other Tricks & Tips for Successful Home Buying

Let Us Help Find the Right House for easy to fill out form highlighting your "Dream Home".

Ten Steps to Buying Your Home...find out the most important steps in planning the purchase of your first home.

Buying your Home with Just 5% down...see if you qualify.

Getting Pre-approved for a Mortgage...find out how you can increase your bargaining power.

Closing Costs...don't forget about closing costs when you are purchasing your home.

Property Transfer Tax might be eligible for an exemption of up to $6,500.

Lisa MacIntosh Team - Personal Real Estate Corporation - Keller Williams Realty - VanCentral
604-262-1581 Fax: 604-630-7089
3995 Fraser St. Vancouver V5V 4E5
Medallion Club Member -
Top 10% of Realtors in Greater Vancouver
email: Lisa MacIntosh Copyright © 2018. All rights reserved.

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