According to a recent RBC Home Ownership survey, 65 percent of Canadian homeowners are worried about mortgage rate increases and 56 per cent admit that their mortgage is higher than they expected.

Flexible payment options can help take some of the guesswork out of interest rate increases. By speaking with a mortgage broker and making a few simple changes you may be able to save thousands on interest costs and well as take years off your mortgage.

Here are some ideas to help you pay off your mortgage even faster:

Increase your payment schedule. Biweekly mortgage payments have become increasingly popular as a way to pay off a mortgage more quickly.

Make lump sum payments. Depending on the terms of your mortgage agreement, you may be able to make lump-sum payments at specific times. For example, you could earmark your bonus check of $5,000 to pay off part of your mortgage.

Shorten the time frame of your loan. You could elect to refinance and change your 30-year mortgage to a 15-year mortgage. Bear in mind, though, that your monthly payments will be considerably higher.

Increase your payments. If your financial situation has improved and you are making more money, you may be able to make higher payments or balloon payments. Most loans will allow you to increase your payments in this manner with certain restrictions.

Refinance at a lower interest rate, but pay the same amount each month. If you maintain a 30-year mortgage, but the interest rate drops from 6.25 percent to 5.10 percent, the money you were paying in interest can now go toward the principal.

Remember, the first step is to make sure you can afford to pay off your mortgage more quickly. Talk to your mortgage broker to find out which of these strategies is best for you.