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.
City of Santa Fe 2017 Home sales up 26% from 2016.2017 Santa Fe MLS 1s
"“This letter is to commend Peter Kahn. He recently helped my ex-wife and me through a very difficult and complicated short sale. His expertise is beyond what one would expect of a real estate broker. Without his dogged determination, the closing would not have happened. Through the lengthy process, I was ready to give up several times; Peter never wavered. Never has anyone deserved a commission more.
The transaction involved a significantly overpriced house, a disorganized first mortgagee, a stubborn second mortgagee, an ex-wife and her attorney, impatient buyers unfamiliar with the short sale concept.
Peter navigated rough and uncharted waters with grace and confidence. I strongly recommend him especially to anyone facing a short sale situation and also for regular real estate needs as well.
Peter is a first class gentleman and the ultimate professional. I hope that you and Peter will be comfortable using me as a reference for his services.”"