(NC)-Canadians have been conditioned to think that chipping away at their mortgage a bit at a time, a month at a time, a year at a time, is the only way to achieve debt-free nirvana. Until recently, it really was the only way - the really long way. In coming years, more Canadians will start adopting the Australian and UK method of paying off mortgages and other debt at a faster speed.
This unique mortgage proposition is surprisingly simple; put all of your money and debt in one place by combining your mortgage, loans, savings and chequing accounts into one account. Then, use this "all-in-one" account to reduce the overall cost of your mortgage. The money in your current account automatically reduces what you owe on your mortgage, saving you interest. This could add up to thousands over the lifetime of your mortgage.
The birth of the all-in-one account can be credited to The National Australia Bank, who acknowledged that standard mortgages, with no built-in flexibility, had become a cumbersome and lengthy path to home ownership. Mortgage customers suddenly had the opportunity to pay down their mortgage in lump sums, solidifying the principle that a mortgage can be paid-off in whatever time frame the borrower was able. From Australia, this idea traveled to England in 1997, where the Virgin Group teamed with the Royal Bank of Scotland, began offering its own all-in-one mortgage. Soon enough, this changed the way mortgage lenders positioned mortgage products in relation to other finances. This all-inclusive account transformed the mortgage landscape in Australia and the UK as almost one-third of all mortgages are of this innovative type.
What may be Australia and the UK's best-kept home financing secret, since the invention of the modern mortgage, is a secret no longer. The notion of an all-inclusive mortgage has sailed "across the pond" to Canada. Although originally offered on a controlled scale in Canada, companies, such as Canadian Tire Financial Services Limited, have now launched this ground-breaking account. Canadians are beginning to demonstrate the same awareness and public thirst for this "all-in-one" product as seen overseas. Flexible alternatives to the traditional mortgage are now available with great benefits. To see how this "all-in-one" account could help take years off your mortgage and save you thousands, visit mortgageinyourway.com, or call the Canadian Tire One-and-Only account hotline at 1-866-614-2837.