If you intend to pay off your home mortgage as quickly as possible, then you're in the majority; a survey released back in 2008 by the Canada Mortgage and Housing Corporation claims that more than 75 per cent of survey respondents who bought a home in the previous year said being mortgage-free sooner was their goal. This has likely not changed much in the years since.
Of course wanting to be mortgage-free sooner is easier said than done, but there are some tips that can help you reach your goal quicker.
Make the largest down payment you can afford
Fact is, the more you save for your down payment the less you'll have to pay back; not just in the principal but in interest too.
Make more mortgage payments
There are two ways to go about doing this; both will save you some money along the way but one more so than the other.
Your first option is to pay twice a month (or whatever frequency works best for you) the total you would normally pay on a monthly payment plan. For example, if your monthly mortgage payment is $1,000 you can opt to make two payments a month of $500 each. You're not paying any more than you have to each month, although you will save a bit on interest by making part of your monthly total payment early.
Your second (and more money-saving option) is to pay weekly or bi-weekly accelerated payments in lieu of one monthly payment. Why does this save you money? Well, not only will you save money on interest like you would with the first option, but it's also a way you might not notice that you actually are making a couple of extra payments each year. Let's say for example, your monthly mortgage payment is $1,000 for a total of $12,000 per year. If instead you decide to pay $500 every two weeks, you'll actually end up putting $13,000 a year against your mortgage.