Fixed rate mortgages appeal to clients like young couples who want stability in their payments or manage a tightly monthly budget.

Variable rate mortgages allows borrowers to take advantage of lower rates. (The interest rate is calculated on an ongoing basis at a lenders' prime rate minus or plus a set percentage).

AWealth will provide you with the best option by ensuring you have a full understanding o the risks and rewards of each type of mortgage.

Thinking ahead and a bit of sacrifice will help you pay off your mortgage in a much shorter period of time.

Here are the steps you should take:
1. Making mortgage payments each week, or even every other week. This will lower your interest paid over the term of your mortgage and paying off your mortgage in this way can take your mortgage from 25 years down to about 21 years.
2. If your income increases, you should increase the amount of your mortgage payments. For example, if you get a 50% raise ease year at work, if you put that extra 5% of your income into your mortgage, your mortgage balance will drop much faster without feeling like you are changing your spending habits.
3. If you inherited some money from a relative or received a nice holiday bonus at work, you should apply this mortgage to your mortgage as a lump-sum payment and watch the results!