4 Ways to Shave Years Off Your Mortgage…

Like many people who own your own home – be it a condo or house, your primary long-term goal is to pay off your mortgage.  And for most homeowners, it’s being able to this sooner than later.  The good news is that you can shave several years off your mortgage just by putting a little bit extra towards the principal.

The question is how much do you have to pay towards your principle in order to pay off your mortgage faster?

1.) If you just put as little as $10 a month towards the principal you will be able to
shave 19 months from your 30 year fixed rate mortgage.  And realistically you
should be able pay a little bit more than $10 a month which will allow you to shave
off years rather than months.

2.) Another way is to set up a bimonthly payment plan with your mortgage lender. The great thing about this plan is that instead of making just one $2000 monthly payment, you would send them two $1000 payments a month.  So since there are 26 biweekly periods per year, you are actually making 13 monthly payments each year. One thing to note: you should discuss this plan with your lender because some banks do charge an additional fee to set this up for you.

3.) Another option is by setting up a bonus payment plan, where you make two
bonus payments of principal and interest per year.  By setting your payment plan this
way you could shave about nine years off your 30 year mortgage. The most important thing for you to do is to figure out your strategy, stick with it and you could be mortgage free sooner than you think.

4.) Refinancing your mortgage to a lower rate can also another great way to help you pay your mortgage faster.  Just give us a call 1(800) 549-1961, or click here to fill out a simple form and find out what low interest rate you would be eligible for.   But don’t wait too long; mortgage rates probably won’t be as low as they are now for a long time.