Mortgage Broker Company - Additional repayments on your mortgage

One of the best ways to reduce your total interest paid and the term of your mortgage loan is to make additional repayments beyond what you normally pay per month.

Generally every $1.00 you pay saves you about $2.00 in interest over the period of your mortgage loan depending on your interest rate.

So commit to regularly adding additional money per month or pay lump sums per year if you can. Every time you get a bonus or get your refund from your taxes back.

Make sure you mortgage loan allows additional repayments without a penalty.