Hidden Profits in Your Mortgage: The Smart-Money Guide to Canadian Home Ownership

Ray Covell was a librarian in Kelowna, British Columbia.

Anyone who has a mortgage should read this book unless they want to give thousands of dollars to their bank. In this book, Alan Silverstein unravels the mysteries of mortgages for the average person and shows how money can be saved by understanding how a mortgage works. He explains mortgage jargon and advocates the POPS principle: Paying Off the Principal Sooner. For example, by making only one extra payment per year (a little over $500) the mortgagee can save over $44,000 on a $50,000 loan. Even rounding up a mortgage payment a few dollars can save thousands of dollars. It is also possible to borrow money at a higher interest rate but over a shorter time period and save money by pre-paying a mortgage.

The $19.95 spent on this book could be the best investment you will ever make if you have to borrow money in order to buy a house.