Paying off their mortgage is a key goal for many Canadian homeowners. And paying down their mortgage faster often becomes a priority, given the financial freedom it represents. There are typically five reasons why people want to pay off their mortgage faster:
- To reduce the amount of interest paid.
- For the sense of freedom and peace of mind that come with owning your home outright.
- To be able to dedicate more money towards other financial goals, such as retirement savings.
- For homeowners about to retire (or already in retirement), being mortgage-free effectively increases your retirement income and makes for a better quality of life.
- To increase your monthly cashflow.
These tips can all help when you’re looking into how to pay off your mortgage faster and, ultimately, pay considerably less in mortgage interest.