07/22/2026
It’s no secret that life has become more expensive in recent years. Inflation has likely made an impact on both your mortgage rate and your wallet. But there are plenty of creative ways to pay down your mortgage and save on your monthly expenses without cutting back on the essentials.
Consider using any extra income to make a lump sum payment…
If you happen to receive a significant tax rebate or a bonus at work, consider putting the extra money towards your mortgage. Just be sure to check your mortgage contract or contact your lender to find out about your prepayment options.
It’s important to consult your lender about what prepayment types and amounts allowed within your current mortgage. Many lenders set prepayment amounts as a percentage of your outstanding mortgage balance, although some lenders offer more unique options like doubling a payment.
If you want to run this scenario for your own mortgage, with whatever numbers you have, and different prepayment amounts, get in touch with us!
☎️ Call: 647-812-8710
🌐 Visit: cammortgages.ca
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