16 Jul 2012

Paying down a mortgage paves path to debt-free life

Tim Stobbs, a 34-year-old engineer from Regina, is hoping to retire from his job as an engineer by the age of 42. The Canadian has been blogging about his experiences on Moneyville.ca, and recently offered readers some tips on how to get out of debt.

At a time when interest rates are low, Stobbs recommends paying down your mortgage as quickly as possible. As Stobbs climbed the ladder at his company, he decided to keep his lifestyle relatively the same from when he made less money. This meant holding off on a few vacations and improvements to his home, but at the same time doing so allowed him to more than triple what he had been paying in monthly mortgage payments.

While a low monthly payment gives homeowners more wiggle room financially, it increases the amount of interest they pay over time. Stobbs is hoping to retire soon, so he wanted out of his mortgage as quickly as possible. That means the previously 25-year mortgage has been whittled down to about 6 years, saving Stobbs $85,000. By October, his house will be paid off, freeing his finances up considerably.

Those who want to follow a similar path may want to start with a small mortgage. Doing so may mean living in a smaller house than they otherwise would. Homeowners can supplement their space by investing in affordable Toronto self storage units. This allows the homeowner more space for their items at a lower rate than what they'd pay for a big home.

Jiffy Self Storage, a leader in Toronto storage solutions, is currently running a contest on their website for a free iPad 3. Visitors to the site simply need to match a few Canadian landmarks and they'll be entered to win the iPad or one of several other prizes.

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