How can I pay my mortgage off faster?

Paying off your mortgage faster means you could save significant money on interest costs. Plus, you'll increase the equity in your home or property at a faster pace, as you pay down more principal. It's important to have the right mortgage product right off the start, so that you have the flexibility you need to achieve your financial goals.

Depending on the lender and flexibility of your current mortgage, to pay off your mortgage faster, you can:

• Switch from a monthly to a bi-weekly or accelerated payment schedule, which increases your payments to put more down on the principal.
• Make principal lump sum payments annually, or more often if lender allows.
• Double-up your monthly payment.
• Select a shorter amortization when you renew your mortgage term.