We refinanced our mortgage just before Christmas, so it is supposed to take affect with today's payment. We were paying semi-monthly $775.14, as of today the actual required payment should be $716.33. We were able to do this over the phone with our TD Bank. After this payment goes through - we are going to call and have them start taking the old amount out of $775.14 as of our next payment schedule, that way for each payment approx $58 or approx $116 a month extra will be going towards the principal on our mortgage each month. The bank said that we had to wait for the 1st revised lower payment to go through, before we could up our payment. This was relatively painless to do, there were no fees that we had to pay, and without adjusting our budget, we are now able to pay down our mortgage a little bit faster.
We also refinanced our investment property at the same time, which brings that payment down also.
Good job! Paying extra will save on that pesky interest. Bah, I loathe interest!
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