Home owners are constantly looking for ways to pay off their mortgage quicker, and reduce the total amortization period. Another great vehicle to use is something called the smith manoeuvre. But paying your mortgage with the smith manoeuvre does come with some risks and is definitely not for the average person who is a little more conservative.
Before even considering paying your mortgage with the smith manoeuvre proper advice from a professional like a mortgage broker or financial planner is paramount. Although this can really help accelerate the pay down of your mortgage, it can also leave you in a world of hurt.
This technique requires you to constantly keep an eye on it to make sure everything is going as planned and to ensure you can avoid a disaster.
Watch this episode with Realtor Joe Terceira and mortgage broker Tracey Brock where Tracey is going to discuss paying your mortgage with the smith manoeuvre.
For more information on financing or if you need a mortgage broker, contact Tracey Brock of Dominion Lending Centres.
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