Many people become overwhelmed after obtaining a lengthy mortgage. Whether a mortgage is 15, 20 or 25 years long, the extended period of time that a monthly fee must be sent to the bank can represent a large chunk of a person’s lifetime. Consider using the tips listed below to significantly reduce the length of your mortgage.

• Start sending a mortgage payment every two weeks instead of monthly. For example, imagine that you have to send a monthly payment of $1,500 to the bank to pay for your mortgage. Send $750 every two weeks instead, and you’ll pay less interest over the life of your mortgage. Not only that, but you’ll actually pay more over the course of a year.

If you pay $1,500 per month, you will be paying $18,000 per year.

If you pay $750 every two weeks, you will be paying $19,500 per year.

Be sure that the bank will accept this payment schedule before you start sending bi-weekly checks. Some mortgage lenders will charge penalties for early payments.

• Creatively refinance your mortgage. You can save money by refinancing, and the length of your mortgage can be substantially shortened if you continue to pay the same amount that you were paying prior to the refinance. One of the biggest benefits of this method is that it will not require you to pay more in the short term.

• Some people receive large payments from an employer each year in the form of a bonus. Others receive an income tax refund. If you find yourself receiving a large sum of money once per year, considering putting a substantial amount of this money toward your mortgage. Sticking to this technique every year could shave five years or more off of the length of your mortgage.

• Pay a set amount over the amount due on your mortgage every month. Figure out how much you can afford to pay every month by preparing a detailed budget. When you discover how much is left over after all expenses are paid, commit to paying a set extra amount toward your mortgage. For example, you could decide that you will contribute an additional 10 percent. Your loan may specify limits to this additional amount you are able to pay.

As a Mississauga real estate agent, I understand how overwhelmed my clients can be when they obtain mortgage financing. Use the tips mentioned above to shave years off of your mortgage to make the duration of the loan a bit more bearable. Call me at 905-502-1500 or visit