Tips To Pay Off Your Mortgage Faster

Tips To Pay Off Your Mortgage Faster

6 Tips to Pay off Your Mortgage Faster

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.

Compliments of Drew Richman, Acceptance Capitol Corp    
[email protected]

Anthony Atwell Headshot
Phone: 505-670-2177
Dated: November 7th 2014
Views: 169
About Anthony: Santa Fe Real Estate, fine homes and land, is my specialty. I have been a Santa Fe Realtor for 28 ye...

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