5 Steps to Pay-Off Your Mortgage Sooner

OSFI Interim Update

Owning your own home is a fundamental dream for Canadians, but with a large mortgage looming it can feel like the bank is the real owner.  Owning your home free and clear is a more ambitious goal.  Here are 5 steps to get to that mortgage burning party sooner.

1)      Set a Realistic Timeline – It’s important to set an ambition goal, but make sure it’s achievable.  Just saying that you want to pay-off your mortgage sooner doesn’t mean anything.  Pick a date and work towards it.

2)      Create a Plan – When it comes to your mortgage, small changes make a big difference.  Consider making bi-weekly payments, increasing your payments, making extra payments and an annual lump sum payment.  Find a strategy that works for you and stick with it.

3)      Tell Other People About Your Plan – Telling other people will make you feel more accountable to your plan.  It will also make them more understanding when the time comes to make the necessary choices and sacrifices reach your goal.

4)      Review Your Goal Often – It’s important that you think about your goal every day.  Write it down where you will see it even if its only for a couple seconds.  By making sure it’s planted in your subconscious mind you will make sure your actions are in line with your plan.

5)      Be Patient – It takes a long time to pay off a mortgage and life events will happen along the way.  When you get off track, don’t get discouraged.  You may need to adjust your plan to new circumstances.  This is normal.  Try to take it in stride and get back on track as soon as you can.

Paying off your mortgage is an ambitious goal, but one that’s worth the effort.  A little extra effort each day will pay-off both financially and emotionally as you free yourself of the burden on your sanctuary.

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