Generally, a mortgage represents one of the largest expenses for individuals and families. You may be able to cut your mortgage costs with a few steps such as, increasing the amount of payments or by making a lump-sum payment each year (prepayment) in addition to your regular payments. These steps can help decrease the number of mortgage payments and reduce the amount of time you need to pay a mortgage. Before considering a second property it may be helpful to build a full financial picture by creating a balanced budget to help control your cash flow by not spending more than you earn.
We are not able to provide advice but try to provide general information to help you take the next step. Visit GetSmarterAboutMoney.ca to learn about investing and other financial topics including, getting a mortgage approved and understanding real estate investments. Speak with a registered financial representative for investment advice that fits your personal situation.