Paying off their mortgage is a key goal for many Canadian homeowners. And paying down their mortgage faster often becomes a priority, given the financial freedom it represents. There are typically five reasons why people want to pay off their mortgage faster:

1. To reduce the amount of interest paid.
2. For the sense of freedom and peace of mind that come with owning your home outright.
3. To be able to dedicate more money towards other financial goals, such as retirement savings.
4. For homeowners about to retire (or already in retirement), being mortgage-free effectively increases your retirement income and makes for a better quality of life.
5. To increase your monthly cashflow.

These tips can all help when you’re looking into how to pay off your mortgage faster and, ultimately, pay considerably less in mortgage interest.

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