It's smart to speed up the process. If you have a 25-year mortgage for $300,000 at an average rate of 5.75 per cent, you'll pay $262,500 in interest. Here are six ways to pay off your mortgage in record time.
Even if you're pre-approved for a big mortgage, look for a less expensive home. You'll save on interest and won't have to rely on your line of credit to make ends meet. Never let your combined debts (mortgage, car loan, student loan, credit cards, etc.) exceed 40 per cent of your gross income.Subscribe to our newsletters for our very best stories, recipes, style and shopping tips, horoscopes and special offers.