Prepayment privileges are sometimes included in the agreements for closed mortgages.
Ask about flexible payment plans when choosing a lender
If you increase your regular mortgage payments, even just a bit, this will have a significant impact on the long-term cost of your mortgage, and how long you have to pay. To see how much you can save, in money and in years, try using the Financial Consumer Agency of Canada’s Mortgage Calculator.
Turbo-charge your saving efforts!
The Tactic That Helped Me Hit My House Down Payment Savings Goal
“Ok, so I’ve got… $4,000, give or take. And I need… OK, about $20,000. In a year. Good. This is fine.”
Here are some dos – and don’ts!
How To Save A Five Figure Down Payment (And What To Do After That)
In order to buy a house, you’ll likely need to know how to save a five figure down payment, and that’s if you’re in an affordable housing market. With a minimum (Canadian) down payment of 5% of the house purchase price, even a $200,000 house will require a minimum down payment of $10,000.