How to be mortgage free sooner

By Connie Graham and Briana Hennigan |

Best Mortgage Broker Edmonton

As an Axiom Broker, my role is to take a longer term view and create options to help you to plan for the worst. Life happens, and circumstances beyond your control; job loss, health issues, business challenges, lawsuits, divorce, etc. can quickly derail even the best of us and put us in a difficult financial position.

The following Zero Cost Insurance Plan creates a safety net via strategic use of pre-payment privileges. This goes well beyond the simplistic “skip-a-payment” policy offered with many lenders.

Clients that benefit from this plan typically have 15 years or less left on their mortgage and are good money managers.

With an extra few minutes of forethought and set-up time up front, we create the following options to put you back in the driver’s seat.

Reduce your monthly payment by 50 per cent, simply by reverting back to the original amortization.

Reduce the payment to zero for an equal length of time for which you have been making double payments (within the term of the mortgage only, as the miss-a-payment option resets to zero at the start of each new mortgage term). You can potentially skip up to 30 payments in a row in a single 5yr term!


Traditional Mortgage Zero Cost Insurance Option
$300,000 Mortgage Balance $300,000 Mortgage Balance
15 Years Amortization 30 Years Amortization
2069.07 monthly pmt based
on 15 yr amortization and
3.0% 5 year fixed rate
1261.81 monthly pmt based
on 30 yr amortization and
3.0% 5 year fixed rate
  $2523.62 Match-A-Payment option implemented
10 Years remaining
amortization after 5 yr term
6 yrs 10 months remaining
amortization after 5 yr term

*Mortgage payment and amortization have a symbiotic relationship,
as you increase one, the other decreases, and vice versa.

*Your bank will not allow you to extend the amortization past
the original contracted length. Not without triggering penalties and legal fees.

Ask me and I can help you implement this Zero Cost Insurance Plan.