I love helping Edmontonians buy homes, but the real win is paying off your mortgage. After 18 years as a mortgage broker, I’ve seen what works: a simple plan you can stick to and smart choices at renewal so you don’t donate money to penalties.

Read on to learn more or check out my video!

Build A Long-Term Plan You’ll Actually Follow

Start with a realistic payment that leaves room for savings and emergencies. Then set automatic increases (even $50–$100/month adds up) and revisit the plan at each renewal.

Use Prepayment Privileges Without Triggering Penalties

Most lenders allow annual lump-sum payments and payment-increase options. Know your exact limits and dates. Small, consistent prepayments beat one big lump sum you never make.

Lump-Sum vs. Payment Increase: Which Is Better?

If your income is steady, increase the payment. If it’s variable (bonus/commission), use lump sums. Both shorten amortization and reduce total interest.

Three Tips to Consider When Paying Off Your Mortgage

1. A rock-bottom rate with rigid terms can cost you more if life changes. Look for value: fair rate, flexible prepayments, reasonable penalties, and portability.

2. Breaking a fixed mortgage early can be expensive. Before locking in, understand the penalty math and your likelihood of moving, refinancing, or consolidating.

3. If you come into money (bonus, inheritance, business sale), apply it strategically, within your prepayment limits, to knock years off without fees.

A Simple Checklist For Paying Off Your Mortgage Faster

1. Set a realistic baseline payment

2. Automate a small monthly increase

3. Schedule one annual lump sum

4. Review terms/penalties before each renewal

5, Keep an emergency fund so you don’t put expenses on high-interest credit

6. Re-run the numbers yearly

Whether you are preparing to buy your first home or your fifth, if you’re looking to get pre-approved for a mortgage in Edmonton, fill out my online application. I’m here to help you every step of the way.

About Jason Scott, Edmonton Mortgage Broker

Looking for a personalized mortgage solution? As an Edmonton Mortgage Associate, I’m trusted partner who will help you get the right mortgage for your home or investment property. I’m Jason Scott, and I’ll be your Mortgage Broker in Edmonton.