If you are like most homeowners, you are focused – for good reason – on finding the best possible rate for your mortgage. Your mortgage broker can offer you the best range of rate options and terms. If a mortgage broker can get you one per cent off the posted rate, that could translate into more than $13,000 in interest per $100,000 borrowed over a 25-year amortization schedule.

It’s also important to look beyond the rate. There are other ways to find savings in your mortgage.

Do you get an annual bonus in your job? You may want to use that bonus to pay down the principal of your mortgage. If you pursue this strategy consistently over the life of your mortgage, you could save thousands of dollars in interest by paying your mortgage off sooner.
Are you paid bi-weekly or bi-monthly? Consider a change from the usual monthly mortgage payment. Set up your mortgage payment schedule to coincide with your pay period. Again, you can shave years off your mortgage, and enjoy thousands of dollars in savings.

How much is your time worth? Your broker looks after every detail of your mortgage research and negotiations on your behalf. Time savings is one of the key, unexpected benefits that clients say they have enjoyed when they choose to work with a mortgage broker. Here are Eight Questions to Ask Your Mortgage Broker to help you along to find the best person to service you.

All these choices offer you substantial opportunities to save money over the life of your mortgage.