Getting rid of your checking account can save you thousands and interest. It's simple, and it works. DM me for more info 🏡💰#FYP #fyp #canadianmortgage #mortgagetips #InterestSavings

So the banks don't want me to tell you this, but if you got rid of your checking account and your savings account and replaced it with a line of credit and attached it to your mortgage, you could pay off your mortgage in half the amount of time. And here's how. So when you have your money flowing into your checking account, you make nothing off though. Have it flowing into your savings account and sure there's a little bit of return there, but you get taxed on it 100%. But if you have that money, your income, your paychecks, flowing into that line of credit, you're paying off interest instantly. And that's because interest on a whole equity line of credit is calculated daily while traditional mortgages are not. Now, not every mortgage is going to have the right structure in place to implement this strategy, but the result of it is potentially hundreds and thousands of dollars in interest saved. If you would like some more information like this, more about the power of the paycheck strategy, please give me a follow.