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3 ways to save big on your mortgage

For many Canadians, their home is the largest investment they will ever make. However, the cost of a mortgage can add up over time. Here are three strategies for saving big on your mortgage.

Make Extra Payments: Making extra payments toward the principal of your mortgage can lead to significant savings over time. By reducing the principal balance, you can save on interest payments and pay off your mortgage faster.
Choose the Right Mortgage: Choosing the right mortgage can make a significant difference in the amount you will pay over the life of your loan. Compare different mortgage options, including fixed-rate and adjustable-rate mortgages, and choose the one that best fits your financial goals.
Refinance your Mortgage: Refinancing your mortgage can help you save money by lowering your interest rate or reducing the term of your loan. This can lead to lower monthly payments and savings in interest payments over time.

Additionally, it’s important to work with a mortgage broker who can help you navigate the complex mortgage process and find the best options for your unique financial situation. Your mortgage broker can provide personalized guidance and advice based on your current financial goals and long-term plans.

Sources:
https://www.ratehub.ca/refinance-mortgage-guide
https://www.goodmortgage.com/blog/how-to-pay-off-your-mortgage-faster/
https://www.ratesupermarket.ca/blog/3-ways-save-money-mortgage/

Linq Mortgage Group

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Grace was amazing through my whole remortgage process. After I saw her ad on Facebook and reached out she responded extremely quickly. I was impressed that she didn't just respond via messenger but actually gave me a call.

Grace was amazing!! She was super informative and has made my mortgage experiences with her stress and worry free. She was always there to answer our questions and was very thorough with all applications and explained everything to us in great detail.

Grace is great at being able to see a financial future that goes beyond your present day situation. She is forward thinking and solution oriented. We have benefited greatly from her matter-of-fact approach to finances. We now own a rental property and are making gains on setting ourselves up for a solid retirement plan.