[vc_row][vc_column][vc_single_image image=”176621965″ img_size=”large” alignment=”center”][vc_column_text]As an Airbnb host, you’ve taken a big step toward boosting your income. By sharing your spare room, couch, or vacation home, you’re in a position to bring in thousands of extra dollars each year. Click on the List Your Space button below to get a $200 cash bonus when you host your first guest.[/vc_column_text][/vc_column][vc_column][vc_btn title=”List Your Space” style=”custom” custom_background=”#ff5a5f” custom_text=”#ffffff” size=”lg” align=”center” css=”.vc_custom_1465423716417{margin-top: 50px !important;padding-top: 10px !important;padding-bottom: 10px !important;}” el_class=”cta-btn” link=”url:http%3A%2F%2Fwww.airbnb.com%2Fratehub1||target:%20_blank”][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]

You could use that extra money to fund your next trip, your wedding, or your, retirement. You could even pay off your mortgage a whole decade faster.

Your mortgage may be the largest debt you ever take on, so we’ve partnered with the finance experts at RateHub.ca, a Canadian comparison site that aggregates the best mortgage rates, credit card types, and bank rates. Their expertise can help you pay off your mortgage more quickly by renting your space just a few times per month.

Consult the experts
The Airbnb community is a technically sharp and financially savvy bunch. You know the benefit to doing research online first to find the best deals and the same goes for your mortgage rate. The difference of one percentage point in your rate can save you thousands in interest over a 25-year period. That’s an easy fix before you touch even a dime of your Airbnb funds.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Choose an accelerated payment schedule
Let’s say your mortgage is $300,000 with an interest rate of 2.29%, and you initially put 10% down. Your monthly mortgage payments will be $1,210. With this option, you’ll pay $14,520 over the course of a year.

If you choose a bi-weekly option, you’d pay $558.46 every two weeks and would pay off your mortgage about a couple months earlier than you would if you opted for monthly payments. With this option, you’ll still pay $14,520 over one year.

But if you really want to make a dent in your mortgage, you could make accelerated bi-weekly payments. With this option, you’d make payments every two weeks instead of once a month and it would work out to an extra monthly payment throughout the year. In one year, you’d make total payments of $15,730.

If you choose the accelerated bi-weekly option in this scenario, you’d pay your mortgage off in 22 years instead of 25.

[/vc_column_text][vc_btn title=”List Your Space” style=”custom” custom_background=”#ff5a5f” custom_text=”#ffffff” size=”lg” align=”center” css=”.vc_custom_1465422590202{padding-top: 10px !important;padding-bottom: 10px !important;}” el_class=”cta-btn” link=”url:http%3A%2F%2Fwww.airbnb.com%2Fratehub1||target:%20_blank”][vc_column_text]Mortgage prepayment options

Here’s where your Airbnb income kicks in. If you check with your mortgage lender, you could opt to make extra monthly payments on your mortgage. This is called mortgage prepayment and is allowed up to a certain percentage of your regular payment.

A typical prepayment option could be an additional 25% on top of your monthly mortgage payment. If you use our $1,210 example, this means you have the opportunity to pay an extra $302.50 each month. The average nightly rate for an Airbnb listing in Toronto or Vancouver (two of Canada’s most expensive housing markets) is about $150. You could bring in enough for this added prepayment with only two bookings a month and without having to touch the rest of your monthly income.

If you combine an accelerated bi-weekly payment and a mortgage prepayment option, you can pay your mortgage off in 18 years instead of 25. The maximum percentage you can prepay varies, so check with your lender to make sure you don’t overpay and incur a penalty.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Annual lump-sum prepayments
Now, let’s say you want to rent out your unit more than two times each month, but you still want to use those funds toward your mortgage without penalty. Most lenders also offer the option to make a lump-sum prepayment once a year, which can be as high as 25% of the original mortgage amount.

If you rented your space three times a month at $150 per night and allocated the income from two of them to your monthly/accelerated bi-weekly prepayments as mentioned above, that third night will work out to $1,800 for you to prepay as a lump sum once a year. It doesn’t sound like much, but with that little bit extra, you’ll be mortgage-free in just under 15 years instead of 25.

The bottom line
Interest rates are near historic lows right now, which means your regular mortgage payments are probably much lower than what your parents had to make. Using the income you earn from renting out your place on Airbnb to make mortgage prepayments is a great way to own your home sooner and reduce the overall interest you pay to your lender without having to tap into your regular monthly income.

RateHub.ca is a website that compares mortgage rates, credit cards, and deposit rates with the goal to empower Canadians to search smarter and save money.

If you have any questions email torontopartnerships@airbnb.com.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Earn money as an Airbnb host[/vc_column_text][vc_row_inner][vc_column_inner width=”1/4″][vc_single_image image=”176621212″ img_size=”full” el_class=”img-earn”][vc_column_text]How much can I earn?
Successful Toronto hosts earn more than $450 CAD per week during the summer—and you can, too!.*
[/vc_column_text][/vc_column_inner][vc_column_inner width=”1/4″][vc_single_image image=”176621210″ img_size=”full” el_class=”img-earn”][vc_column_text]How do I create a listing?
You’ll fill out a description, take and upload photos, and pick a price. Your listing helps guests get a sense of what your place is like.[/vc_column_text][/vc_column_inner][vc_column_inner width=”1/4″][vc_single_image image=”176621213″ img_size=”full” el_class=”img-earn”][vc_column_text]Who can stay with me?
You set the rules for who stays and when. Booking and guest preferences help hosting fit into your lifestyle.[/vc_column_text][/vc_column_inner][vc_column_inner width=”1/4″][vc_single_image image=”176621211″ img_size=”full” el_class=”img-earn”][vc_column_text]How do I get paid?
Some of the ways you can choose to get paid include Paypal, direct deposit, and international money wire. Your payment is automatically sent 24 hours after your guest checks in. Easy.[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_column_text]*Average weekly earnings from top 10% of active Toronto listings April to September 2015.[/vc_column_text][vc_separator][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Qualifying participants in this offer will receive a $200 cash payment(“Additional Payment”) from Airbnb. Offer valid only for a new Airbnb listing (“New Listing”):

  • located  within 25 miles of downtown Toronto (University Ave and Dundas St W) or 25 miles of downtown Vancouver (25 mile radius from Queen Elizabeth Park);
  • created by a new Host; and
  • created between [May 1, 2016 and August 31, 2016 (11:59:59 PM EST)].

To qualify, you must:

  • create a New Listing after clicking on the List Your Space button on the Ratehub website or Ratehub landing page ;
  • accept at least one reservation for the New Listing priced at $50CAD or more per night, excluding cleaning fees and taxes, by August 31, 2016 (a “Qualifying Reservation”); and
  • complete at least one Qualifying Reservation that begins on or prior to August 31, 2016. 

The New Listing must be new and not previously activated or duplicated from another Airbnb listing, and it must be associated with a Host who has never hosted on Airbnb previously.  Reservations of your New Listing made by a friend, family member or any member of your household will not be counted as Qualifying Reservations and will not be eligible for the Additional Payment.

If you qualify for the Additional Payment, you will receive the Additional Payment no later than September 30, 2016 to the payout method set on your account.  Determinations of eligibility for this offer will be made in Airbnb’s sole discretion. Airbnb reserves the right to any remedy, including denial of the Additional Payment or cancellation of your account or reservations, if fraud, tampering, violations of Airbnb’s Terms of Service or technical errors are suspected.  This offer cannot be combined with any other offer or promotion.[/vc_column_text][/vc_column][/vc_row]