Back to learn
What is an accelerated mortgage payment?
Rounding it up
Accelerated mortgage payments are a great way to free up some capital that you’re currently committing to monthly payments.
However, accelerated mortgage payments are not headache-free. They may come with prepayment penalties, depending on the type of mortgage contract you have.
These penalties can stack up into the five digits, so ensure you do the calculations and understand all terms before making any decisions.
Dan Bucherer
Dan is a runner and writer living in the Washington, D.C. area, where he currently works for a financial services trade association as the Communications Director.
Related articles
Can new immigrants buy a house in Canada?
9 mins
Gaby PilsonNewcomers can buy a home in Canada, but you need to meet a few requirements first. Here’s what you need to know to secure those keys.
Can new immigrants buy a house in Canada?
9 mins
Gaby Pilson
Newcomers can buy a home in Canada, but you need to meet a few requirements first. Here’s what you need to know to secure those keys.
#home ownership
#mortgage
#newcomer
#home
Should I pay off my mortgage early?
7 mins
Gaby PilsonIf you have a mortgage and spare cash, you might have considered paying off your loan early. Review the pros and cons before you decide.
Should I pay off my mortgage early?
7 mins
Gaby Pilson
If you have a mortgage and spare cash, you might have considered paying off your loan early. Review the pros and cons before you decide.
#mortgage
#loan
#home ownership
Mortgage vs home equity loan: Differences and similarities
5 mins
Dan BuchererCalling all current and future homeowners: Do you know the differences between mortgages and home equity loans? Learn all about them here.
Mortgage vs home equity loan: Differences and similarities
5 mins
Dan Bucherer
Calling all current and future homeowners: Do you know the differences between mortgages and home equity loans? Learn all about them here.
#mortgage
#home equity loan
#loan
#home ownership
What is mortgage refinancing?
7 mins
Cedric JacksonWith perks like lower interest rates, mortgage refinancing is tempting — but not always the right move. Learn when and how to refinance.
What is mortgage refinancing?
7 mins
Cedric Jackson
With perks like lower interest rates, mortgage refinancing is tempting — but not always the right move. Learn when and how to refinance.
#mortgage
#loan
#mortgage refinancing
#interest rates
What is a home equity loan?
7 mins
Lee MorganHome equity loans are just one of the many ways to borrow money. Here’s everything you need to know about this “equity-tapping” instrument.
What is a home equity loan?
7 mins
Lee Morgan
Home equity loans are just one of the many ways to borrow money. Here’s everything you need to know about this “equity-tapping” instrument.
#home
#home equity loan
#mortgage
#loan
To rent or to own, that is the question
6 mins
Chrissy KapralosHome ownership is a dream for many Canadians, but it’s not the right move for everyone. Let’s explore the reasons for buying versus renting.
To rent or to own, that is the question
6 mins
Chrissy Kapralos
Home ownership is a dream for many Canadians, but it’s not the right move for everyone. Let’s explore the reasons for buying versus renting.
#home
#mortgage
#home ownership
#renting