Hello Ginger the short answer to your question is YES for sure. That being said there are a few things to remember. If you have debts currently that are at a higher interest rate than your mortgage you should pay those off first. The higher the interest rate the higher priority to pay it off. It makes sense that each month it is costing you more to carry a debt with a higher interest rate than one with a lower interest rate. Once these are taken care of then your mortgage should be next priority. A mortgage at 5% interest rate paid off over 30 years will cost you about double the original starting balance in interest payments. That is something the banks just don`t tell you. If they did most people would wait till they had more down payment to minimize the overall costs. Any money you put towards your mortgage will go to principal and each extra payment will reduce the time it will take you to pay off your mortgage. Imagine eventually not having a mortgage payment due each month.... Then you can start putting that money to good use, like living or saving for retirement. I hope this answers your question. I would be happy to answer any questions for you or any reader on this or another topic, give me a call any time: Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 www.centum.ca/abraham_niyazi/ I deal with 25 Banks/lenders and can do mortgages across Canada except Quebec.

Most institutions will allow you to put extra down on your mortgage, Check your mortgage agreement, or call your bank to find out how much. Usually it involves a percentage prepayment per year and maybe you can double up your mortgage payments.