A mortgage is often the biggest debt Canadians take on, but with the right strategies, you can pay it off faster and save thousands in interest.

1️⃣ Make Bi-Weekly Payments
Switching from monthly to bi-weekly payments results in an extra full payment each year. Over time, this can shave years off your mortgage.

2️⃣ Round Up Your Payments
If your monthly mortgage is $1,430, round it up to $1,500. The extra cash goes directly toward your principal, reducing overall interest.

3️⃣ Use Annual Prepayment Privileges
Many lenders allow annual lump-sum payments of up to 15%–20% of your mortgage balance without penalties. Use work bonuses or tax refunds to make these payments.

4️⃣ Opt for a Shorter Amortization
A 15-year mortgage may have higher monthly payments but significantly less interest over time compared to a 25-year plan.

5️⃣ Refinance Strategically
If interest rates drop, consider refinancing. Even a 0.5% rate reduction can lead to substantial savings.

Expert Insight:
“Small, consistent overpayments can reduce a mortgage term by several years — and save tens of thousands in interest,” notes James Laird, Co-CEO of Ratehub.ca.