FOUR WAYS TO CUT MORTGAGE INTEREST (NC) - If you're like most people, you want to pay off your mortgage
as quickly as possible. So a key mortgage strategy should be to find all
of the ways you can actually pay less in interest, putting more of your
money directly against the principal sum. So if you're shopping around
for a mortgage or have a mortgage due for renewal, consider these four
interest-saving ideas:
- Weekly or biweekly payments-if your cash flow will allow it,
making smaller payments more often can save you thousands of dollars
in interest payments over the life of your mortgage.
- Shorter amortization-it only makes sense that if you shorten
the period over which your mortgage is paid, that you'll be mortgage
free faster and pay less interest.
- Lump sum payments-depending on the details of your mortgage,
you may be able to make a monthly or annual lump sum payment that goes
directly against the principal.
- Larger down payment-the more money you can put down on the
initial purchase, the less you have to borrow-and pay interest on. Be
sure to consider all of your interest-saving options before you make
your next mortgage move. - (NC)
- From News Canada
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