Are you looking for ways to lower your mortgage payments in Canada? With the current economic climate, many Canadians are struggling to keep up with their mortgage payments while also dealing with other financial obligations. Fortunately, there are several ways to make your mortgage payments more manageable. We’ve put together a list of tips to help you lower your mortgage payments in Canada.
1. Make a higher down payment. The more money you put down when taking out a mortgage, the less money you’ll need to pay back. This is because you’ll have a lower principal amount to pay back over a shorter period of time.
2. Choose a shorter repayment period. Mortgages with shorter repayment periods have lower interest rates, which means you’ll be able to make smaller payments. Consider a 5-year mortgage instead of a 10 or 15-year mortgage, if you can afford it.
3. Consider refinancing. Refinancing can significantly lower your mortgage payments. Refinancing involves taking out a new mortgage with a lower interest rate than your current one. This can save you thousands of dollars over the course of your loan.
4. Take advantage of government programs. The Canadian government offers several programs to help homeowners lower their mortgage payments. These include Home Buyer’s Plan, Home Renovation Tax Credit, and the Canadian Mortgage and Housing Corporation (CMHC) Insurance Premium Refund.
5. Talk to your lender. If you’re having trouble making your mortgage payments, don’t be afraid to talk to your lender. They may be able to work with you to come up with a payment plan that works for both you and the lender.
These are just a few of the ways you can lower your mortgage payments in Canada. With a bit of planning and research, you can make your mortgage payments more manageable and keep your home secure.