Paying off your mortgage as soon as possible can save you thousands of dollars in interest. If you're a homeowner looking to pay off your mortgage faster, here are a few strategies to consider.

• Make accelerated payments. One way to pay off your mortgage faster is to switch to accelerated bi-weekly or weekly payments, which can save you thousands of dollars in interest and shave years off your mortgage term. By making half of your regular mortgage payment every two weeks, you'll end up making the equivalent of one extra monthly payment per year
• Make lump-sum payments. Another way to pay off your mortgage faster is to make lump-sum payments whenever you can. This can be in the form of a bonus, inheritance, or any other form of extra income. Be sure to check with your lender to see if there are any prepayment penalties or restrictions on making extra payments.
• Refinance to a shorter term. Refinancing your mortgage to a shorter term, such as 15 or 20 years, can also help you pay off your mortgage faster. This will result in higher monthly payments, but you'll pay less in interest and own your home outright sooner.
• Look into flexible mortgage options. Some Canadian lenders offer mortgage options that allow you to make extra payments or even pay off the mortgage in full without penalty. Be sure to inquire with your lender about these types of options.

Before implementing any of the above strategies, always check with your Mortgage Broker to make sure you understand the terms and conditions. By considering these strategies and tailoring them to fit your unique financial situation, you can take control of your mortgage and work towards paying it off faster.