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Are you beginning to feel the financial burden brought on by the long years of a standing mortgage? Are you anxious about when and how you should handle variable interest rates? Are you confused on whether to lock your current one in or to refinance later when rates go up?

Truth be told, getting good rates on interest is essential. However, you can do a number of other things to free yourself from the claws of mortgage earlier. When it comes to handling mortgages, to have variable options and flexibility are critical. And getting unbiased consults from a mortgage professional is most helpful in leading you to choose the best alternative.

Following are some pointers from mortgage specialists:

1. Coincide mortgage payments with your pay periods. If your salary arrives bi-weekly, then make mortgage payments bi-weekly as well. This keeps your mortgage dues current and helps organize your budget by a mile.

2. Cut your amortization schedule. If you can submit more than the required payment, do it This helps build equities faster and can reduce years from your mortgage contract.

3. Take advantage of pre-payment opportunities. It’s unfortunate that only three per cent take this money saving opportunity. Anytime you get extra amounts and bonuses, put them towards mortgage payments. Extra payments like this add up to a large amount of savings later on.

4. Pay according to your income. If your salary increases then match your mortgage payments with increasing payments as well. When you pay as your salary can accommodate, there’s no strain. More importantly, your equity also increases while interests due decrease.

5. Save for those lump sum payments. These small, extra, lump sum payments you make yearly still add up to a significant amount of savings in interest payments reduced.

6. Be diligent in requesting for better renewal rates. Don’t just take it sitting year in and year out. As a diligent payor, you have the ethical right to inquire and even to request for discounts and lower rates. Try your luck each time you renew and before you sign the papers.