Saskatoon, Saskatchewan – Paying off your mortgage early can feel like a distant dream, but with the right strategy, it's more achievable than you think. Vishal Monga, a trusted mortgage advisor at Akal Mortgages Inc., is helping homeowners across Saskatchewan fast-track their path to financial freedom.

Based out of 215 Pinehouse Dr, Saskatoon, SK S7K 6N9, Canada, Vishal Monga has become a go-to resource for clients seeking practical and personalized mortgage solutions. With a mission to empower homeowners to reduce interest payments and gain equity faster, he is now sharing 7 proven tips to pay off your mortgage sooner.

Whether you’re a first-time buyer or deep into your amortization period, these strategies can help you get ahead of the curve.

1. Make Biweekly Payments Instead of Monthly
"One of the simplest and most effective ways to pay off your mortgage faster is to switch from monthly to biweekly payments," says Vishal. Instead of making 12 payments per year, you’ll make 26 half-payments, which adds up to one extra full payment annually. This small change can shave years off your mortgage term.

2. Increase Your Regular Payment Amounts
If your budget allows, even a modest increase to your monthly or biweekly payments can significantly reduce the overall interest paid. "At Akal Mortgages, we always recommend that clients review their payment structure annually and adjust it according to income increases or reduced expenses," Vishal advises.

3. Use Your Bonuses or Tax Refunds Wisely
Extra money like work bonuses or tax refunds often goes toward luxuries or temporary pleasures. Instead, consider applying that money directly to your mortgage principal. "Lump-sum payments, especially in the early years of your mortgage, can make a huge difference," Vishal explains.

4. Opt for a Shorter Amortization Period
While longer amortization periods reduce monthly payments, they also mean more interest in the long run. “If you're in a position to handle slightly higher payments, choosing a 20-year term instead of 25 or 30 years can save tens of thousands,” says Vishal Monga. He works closely with clients to find the sweet spot between affordability and long-term savings.

5. Refinance to a Lower Interest Rate
With fluctuating interest rates, it’s wise to periodically review your mortgage terms. Refinancing can lead to significant savings. “Many homeowners don’t realize they could be paying less,” says Vishal. “I help clients reassess their options to make sure they’re not leaving money on the table.”

6. Avoid Unnecessary Debt
Managing other debts alongside your mortgage can slow down your repayment progress. Credit card interest and personal loans often carry higher interest rates. Vishal recommends consolidating high-interest debts and focusing on eliminating them before ramping up mortgage payments. “Your mortgage is important, but managing overall financial health is just as crucial,” he adds.

7. Set Up Prepayments and Annual Lump-Sum Options
Many mortgage providers allow homeowners to make extra payments without penalties. “It’s vital to understand the prepayment privileges your lender offers,” Vishal notes. “At Akal Mortgages, we help clients take full advantage of these features.” Whether it’s a 10%, 15%, or even 20% lump-sum allowance annually, applying it to the principal can drastically reduce your amortization period.

Why Work with Vishal Monga – Akal Mortgages Inc.?
With years of experience and a reputation for trustworthy, tailored advice, Vishal Monga is changing the way Saskatoon residents view mortgage planning. At Akal Mortgages Inc., his client-first approach ensures that homeowners don’t just get a mortgage—they get a strategy for long-term success.

"It’s not just about buying a home. It’s about building equity and reaching financial independence faster," Vishal emphasizes. Whether you're just starting out or looking to renegotiate your current terms, his insight and guidance can help you make informed decisions every step of the way.

Contact Information:
About Akal Mortgages Inc.
Akal Mortgages Inc. is a leading mortgage brokerage dedicated to providing Canadians with innovative mortgage solutions tailored to their financial goals. With a wide network of lenders and a team of seasoned professionals like Vishal Monga, Akal Mortgages helps clients secure better rates, smarter terms, and financial peace of mind.

Final Thoughts
Paying off your mortgage faster isn't just a dream—it’s a decision backed by strategy. With expert support from Vishal Monga at Akal Mortgages Inc., homeowners in Saskatchewan can gain the knowledge and tools they need to get ahead.

For personalized advice or to schedule a consultation, call +1 639-384-8584 today.

Media Contact:
Vishal Monga
Mortgage Associate
Akal Mortgages Inc.
+1 639-384-8584
215 Pinehouse Dr, Saskatoon, SK S7K 6N9, Canada