The best time to make a lump-sum mortgage payment, according to the experts [Video]

Being mortgage free can seem like a distant goal when the outstanding balance is in the hundreds of thousands of dollars and most of your regular payments are going toward paying interest.

But if you can afford it, financial experts say making additional lump-sum payments can help speed your path to being debt free.

“Making lump sum payments on your mortgage is a pretty powerful strategy to save on your interest and become mortgage free a lot sooner,” says Patty Hopper, a mobile mortgage specialist at Vancity in North Vancouver, B.C.

By making a lump-sum payment on your mortgage in addition to your regular payments, you reduce the outstanding balance. This saves you cash in the long run because you’ll no longer be paying interest on that amount.

Hopper said a lot people don’t have the extra cash flow to make an extra payment, but if you’re lucky enough to …