If you're expecting money back from your tax return this year, ask your mortgage broker how you can channel your refund into owning your home sooner!  Here are some mortgage-savvy ideas to consider:

1.) If your mortgage has pre-payment privileges, why not apply your tax refund - or any annual lump sum payment - directly to your mortgage?  You'll pay off your mortgage years faster, and could potentially save tens of thousands of dollars over the amortization of your mortgage.  Let's go over the terms of your mortgage together to see how this could work in your particular arrangement!

2.) If your mortgage is up for renewal, consider paying as much as possible towards your mortgage before you renew.  Again, applying any lump sum contribution towards your principal will save you years off your mortgage, and many times in the contribution in mortgage payments.

3.) Consider using your tax refund to add value to you home by investing in a renovation.  Updated kitchens and bathrooms are at the top of homebuyers' wish lists, so you may want to consider fixing yours to enjoy now, while knowing you're adding to your home's equity as well.

4.) Thinking of buying a second or vacation property?  Your tax refund may be the jumpstart you need towards your down payment.

A mortgage broker's job is to help you make smart mortgage decisions.  Please call with any questions about your home loan needs.