Mortgages are cheap right now but as a home buyer you’ll still pay a ton of money in interest charges over a typical 25-year term. But putting aside an extra $10 or $20 a week can save you thousands of dollars in the long run. Even better, you can pay off your mortgage years earlier, then look back and congratulate yourself for being so thrifty.

“Any extra money you can apply to the mortgage during the first five years is critical,” says Daryl Marsden, vice-president/broker with Canada Mortgage Direct.

© The Vancouver Province 2004