My Fast Track to Mortgage Freedom
I spent most of my twenties paying off student loans and credit card debt. When I reached my thirties, my priorities shifted to saving for the future.
It is a common dream for Canadians to be mortgage free. This combined with the many other financial priorities in life makes budgeting a necessity. In this piece from Moneyville, Robb Engen gives his own personal budget as an example.
Knowing when you wish to be mortgage free is a priority when making this type of plan. Then, calculate how much you have left over after the bills are paid and you have contributed to your Retirement Savings Plan or Tax Free Savings Account. Keep in mind that every mortgage comes with a different set of terms, and consider consulting a professional Mortgage Broker to discuss your payment options.
Canadians are paying off their mortgages faster using several different methods. Increasing monthly payments, switching from monthly to bi-weekly payments and taking advantage of the prepayment privelege with their mortgage are just a few. Online mortgage calculators are another helpful tool to show you how quickly you can be mortgage free.
Read the full Moneyville article here.