Now is a great time to “spring clean” your finances. One way to do this is to pay off your home mortgage faster. Use these tips to get it done ASAP:
Refinance Your Loan — Refinancing a 30-year fixed mortgage to a 15-year fixed mortgage can help you save thousands on interest and build equity faster. Typically, shorter-term mortgages also have a lower interest rate, which means even more savings.
Make Extra Payments — If you don’t want to refinance, adding a few more dollars to your mortgage payment each month—or even just once a year (maybe with that tax refund)—can help you get to that magic number zero faster. Just make sure all extra payments are credited toward your loan principal, not the interest, and that your mortgage does not have a pre-payment penalty.
Create a Budget — Seeing how you spend your hard-earned dollars can help you find ways to put more money toward paying down your mortgage each month.
Change Your Payment Schedule — In a biweekly payment plan, you pay a mortgage “half-payment” every other week. At the end of the year, you will have made 13 monthly payments instead of the usual 12.The Proof Is in the Pudding — Use this calculator to see the impact extra payments could have on the life of your loan.
Positive Effects — Some experts say that having your home paid off before retirement can lead to happier golden years, due to reduced cash-flow needs and the peace of mind from being debt free.
Trust eXp Realty and our team of real estate agents to help you find homes for sale or to sell your current home. We recognize the level of service that the mobile consumer demands. You have information. You have dreams. We possess experience, integrity, and innovation. Together we create leverage to make your dreams a reality.
Greetings, Just checking in with you and I hope you are planning a
"Working with eXp Realty was a pleasure. When we started, we had no idea what we wanted, but our buyer agent helps us figure out the pros and cons of all our options. Our agent went the extra mile willing to put in the extra effort to answer our questions, to make sure we were happy with our decisions, and educated about the market and local area."