In a recent survey done by CHMC, it was discovered that more than 44% of current home owners are paying more than the minimum payment required for their mortgage. What this means is that these home owners are paying a little extra every week, second week or monthly.

Why would soeone pay more than required? That's a great question! 44% of the home owners want to pay down the mortgage a bit faster (sometimes much faster) which in return increases the equity in their home. This can give them other options on the financial side.

Another good reason to do so is that if the interest rates go up at a certain point in time, they will already be used to the higher payments and it won't affect their lifestyle.

Jean Richer
Salesperson

Keller Williams ~ Ottawa Realty Ltd.

(o) 613.590.3000
(c) 613.614.3025
(e) jean@jeanricher.com
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Posted by Jean Richer on 08/22/2012 11:20 AM   Comments (5)  
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5 Comments on 44% Pay More Than the Minimum Mortgage Amount

AUG
22
115,977 Points Outside Blog

Glad to know that there is quite a few people doing this.  When I sell a property, I always recommend to pay a little extra on each month's mortgage.

Warm regards,

Karen Church
11:23am • #1
652,818 Points 9 Featured Posts Outside Blog Called Shot Master

It saves money in the long haul.  Right now we have been working on the other debts before paying off the home faster in our household.
11:36am • #2
122,857 Points

I'm suprised about the 44%.  I wouldn't have expected that number to be so high, but I certainly like that it is!  That's great planning!
11:50am • #3
563,766 Points 2 Featured Posts Outside Blog Called Shot Master

Yes, this is a solid plan anytime you can afford it as it is so heavy on interest early on.
6:39pm • #4
AUG
24
188,810 Points

I was also very surprised by the 44% but I was also happy to see this. It makes it easier in the long run, for so many reasons. 
6:49am • #5


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Jean Richer

Ottawa, ON

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Keller Williams ~ Ottawa Realty Ltd

Address: 4366 Innes Road, Suite # 2, Ottawa, ON, K4A 3W3

Office Phone: (613) 590-3074

Cell Phone: (613) 614-3025

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