Whenever there are options available to you that might help lower your mortgage payment in Canada, they’re worth considering. Of course, you want to know this lower payment doesn’t come at a different cost, but there are some legitimate ways to save money.
3 Ways to Lower Your Mortgage Payment in Canada
Here are three ways you can lower your mortgage payment in Canada:
Consider refinancing your mortgage
Refinancing your current mortgage can be an effective way to lower the overall amount of interest you’ll pay over time and possibly reduce your monthly payments. If you’re considering refinancing, we encourage you to compare the current interest rate with other lenders who can offer you a better deal and then decide if it’s worth your effort.
Look into a shorter amortization period
Most Canadian mortgages have a 25-year amortization period. But you can always try to get a shorter amortization period if that’s better for you and suits your financial situation best.
This means you could pay off your mortgage in less time which can mean paying less in interest costs and, ultimately, a lower monthly payment. On the flip side, though, you’ll need to make bigger monthly payments than before.
Switch to monthly payments
Most homeowners use an accelerated biweekly payment schedule for their mortgages. However, you might be able to increase your monthly cash flow by switching to monthly payments. This could lower your mortgage payment and make it easier to budget for other expenses.
Often, you can make this switch online without making any calls! That being said, we do always encourage you to discuss any changes you make with your mortgage broker in Regina.
Learn More About Mortgages in Regina
No matter which option you choose, it’s important to crunch the numbers and research before deciding. Each situation is different, and you want to be confident the solution is right for you. If you have any questions or need help understanding your options, don’t hesitate to contact us at City Centre Mortgages in Regina! We’re here to help.