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Be Mortgage-Free Faster

 3 minute read

a man with his arm around a woman both in front of a suburban house

You spend a lot of time preparing for the day you’ll get a mortgage: saving for the down payment, getting your paperwork in order and house hunting. You spend even more time dreaming of the day you’ll be mortgage-free!​

Make your mortgage add up to financial success faster in a few easy steps.

Get pre-approved and shop with confidence

The real estate market can be competitive. Getting pre-approved and securing your mortgage before you start shopping shows sellers and real estate agents that you're serious about buying a home and gives you confidence to shop with a budget in mind and ultimately negotiate a purchase price. Look for a long mortgage rate guarantee so even if it takes a while to find the right home and rates rise, you'll get to keep your lower pre-approved rate.

Share the cost

Since owning a home is likely the largest purchase you will ever make, it is common to apply for a mortgage with a partner. Multi-applicant mortgages have gained traction due to rising home prices. It means taking a mortgage out with another person, family members, or multiple friends. The responsibility of the loan and the mortgage contract is shared between all those that apply together.

Applying together can increase the odds of getting an approval, can give you the opportunity to have a larger loan and decrease the amount you need for a down payment. It helps lessen the financial strain on one person, but also means you will share the upside if your home increases in value when you go to sell.

Opt in to smart payment options

Owning your home is essentially financial freedom. It is a huge milestone and changes your monthly cash-flow and ability to save more than any other financial obligation. Get mortgage-free faster by paying more often, rounding up your monthly payments and topping off the principal. 

Pay more frequently — Switch your monthly mortgage payments to an accelerated weekly or bi-weekly schedule and you can save thousands and pay off your mortgage faster.

Round up — Line up your mortgage payments with your paycheque and make them slightly larger. It will seem minimal, but you will be surprised at how much faster you’ll be able to pay off your mortgage. Instead of paying $2,117.90 per month, round it up to $2,200 or if you’re able, $2,500! You likely won’t feel the pinch as much in your monthly cash flow, but you will notice the years it takes off your mortgage!

Top off — If you get a tax refund or a bonus, instead of spending it on new clothes, shoes or even a vacation, consider putting it against your mortgage. When you put lump sums against your loan you pay off the principal faster. This means in the long run you are paying less in interest, putting financial freedom in your near future.

Start with the right mortgage

Enjoy low rates, a competitive rate guarantee and smart payment options built into all our mortgages.

  5-year mortgage rates as low as 1.30%**

  120-day rate guarantee

  Prepay up to 20% of the original mortgage balance once a year

  Increase your mortgage payments by up to 20% of the original payment amount once a year

Plus, we're experts at multi-applicant mortgages!

a man smiling facing a woman both sitting on a couch

No matter if you are planning on taking on a mortgage on your own, with a partner or with several family members, you can make your mortgage add up to financial success faster with the right advice. And if you're looking to switch your existing mortgage to us, you could also be eligible for our cashback offer — extra cash in your pocket to help you get ahead even more!

Start by talking to a financial advisor.

Call us at 1-888-597-1083, visit us in branch or send us a note and let our experts connect with you.

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