How To Pay LESS Interest On Your Mortgage

Are mulling over the idea of potentially making extra payments or lump sum payments towards your mortgage in an effort to get your mortgage down before your renewal date when rates could very well be a lot higher than your current rate? If so, this video is for YOU!
In this video, Surrey Real Estate Specialist Steve Karrasch of Macdonald Realty walks through a few hypothetical situations to highlight how making extra payments to your mortgage during the course of your amortization period will impact the total interest that you will pay on the life of your mortgage and how making a few small extra payments could save you a considerable amount of money.
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The opinions expressed herein are solely that of Steve Karrasch PREC and not Macdonald Realty or the FVREB and should not be misconstrued as advice or the basis of an agency relationship whatsoever. Please consult your professional advisor prior to taking action on any decisions relating to the matters discussed in these videos. This communication is not intended to cause or induce breach of an existing agency agreement.

[@SteveKarrasch]

Do you pay extra on your mortgage?

[@robertguay3773]

If you have a BMO 20/20 mortgage anything you pay extra if you ever need it you can withdraw it back out and it only takes a day or 2 to get it. we have paid more and a few times needed to take it out. it is like a reverse line of credit. savings acounts give 1-2% and the mortgage over payment is triple right now.

[@mikep4869]

Great tutorial. Pay your mortgage off 5-years early & retire 5-years early. What a motivator!

[@abhi9838855705]

appreciate your effort to help Canadians be able to take better financial decision with real estate in context.

[@oldrichberger]

Hi Steve, I use Canadian Mortgage App (it is on both Apple and Android App Store). Really good app. Consider both BC and Ontario real estate market and their fees (like Land transfer tax etc). 👍👍

[@cindymiller7084]

so if you currently have a low interest first mortgage due in next 2 years ,pay it as fast as possible as the five year overall will be no hope of lower than 5% ?

[@SteveKarrasch]

Yes, pay it down if you can because higher payments are coming your way.

[@francisa9896]

Should you not be using end of year 5 on that table? It's a 5 year term.

[@SteveKarrasch]

60 monthly payments.

[@stuartnodell1601]

Another point is after the mortgage term ends the consumer will need to reduce their amortization for their next mortgage cycle if they want to pay off their mortgage in the future.

[@SteveKarrasch]

If rates and payments stay the same?

[@ldars1174]

I was wondering why we do not have 30 years fixed mortgages like in US? Would be much easier for (almost) everyone...

[@SteveKarrasch]

It's because in the name of "protecting homeowners" when rates drop, everyone says how unfair it is that they are in a high rate that they can't get out of. But nobody complains when it benefits them like it would have if everyone in the last 10 years locked in at under 4%.

[@igorhariton3112]

banks don't want easy for u, they want more profit and no risks for them.

[@SteveKarrasch]

@@igorhariton3112 I think everyone wants max profits and lowest risk. If you want low profits and high risk, I've got some homes for you in Chilliwack.

[@igorhariton3112]

@@SteveKarrasch U right, everyone want more , but legislation it change and made for big players and at the end of the day ,simple people is take the loss, that was all the time in the human history .

[@terryevp4084]

Great information. Thanks

[@SteveKarrasch]

Thanks for watching.

[@igorhariton3112]

that's work on paper but not in reality, every 5 years U renew the contract and start from beginning with more money in interest than principal.

[@SteveKarrasch]

That’s not true.

[@KosovoisSerbia33]

Paying off your house debt in inflation times is not a smart move, that 13k that you "save" at the end of your mortgage will not be worth 13k ... more credit you have is better when there is inflation, paying a mortgage that the interest rate is still under inflation rate is not understanding how the system works, It would be way better to invest that money otherwise instead of paying a mortgage witch by today's inflation rate is still cheap money .