Getting a low interest rate is only one part of an effective strategy to paying off your mortgage faster!

Don’t focus all your time and energy on rate comparisons. It is equally important to look for a mortgage with flexible terms that can adapt to your changing financial needs.

Here are two money saving strategies to get you on your way to mortgage freedom:

1.         Use a bi-weekly payment schedule

By simply splitting your monthly mortgage payment into two equal bi-weekly payments, you can easily save on interest costs.  This is because you end up paying 26 bi-weekly payments or 13 monthly payments within one year rather than 12 monthly payments.

2.         Round up your payment

You easily save money and time left on your mortgage by rounding-up your payment amount. Money can be tight in the early years of home-ownership, rounding up your payment is a less aggressive way to save money but still allows you to take full advantage of a flexible mortgage product.