Accelerated Mortgage Payoff
No more monthly mortgage payment. Can you imagine what that would feel like? There are lots of reasons to make this your new goal, from eliminating the psychological pressure of debt, increasing your monthly cash flow, to simply avoiding the thousands of dollars paid towards interest.
If you’d like to payoff your mortgage early and join the nearly 40% of people that own their homes outright, then here are a few ways to get there:
Make Extra Mortgage Payments
The first way to pay off your house early is to make extra mortgage payments. The more often you make a payment, the faster you pay off the loan. There are two primary ways to do this.
Biweekly Mortgage Payments
The first option is to divide your monthly mortgage payment in half and then simply make one payment every two weeks instead of one payment every month. Although this doesn’t seem like much of a difference, doing this will result in making 13 months worth of payments each year, instead of just 12. This will save you a bundle in interest!
Contact our office to determine if we can restructure your mortgage into biweekly payments.
Extra Monthly Payment
Another approach is to simply make an additional monthly payment each month that goes directly toward the principal. This can also help you pay off your mortgage significantly faster and avoid paying as much in interest over the life of your loan. Even an extra $100 each month can make a big impact over 15-30 years.
Refinance To Lower Interest Rate & Shorter Term
Another way to pay off your mortgage early is to refinance to a lower interest rate with a shorter term, typically a 15-year term. While you may see your monthly mortgage payment increase, the amount of money saved in interest is significant.
This is one of the most common ways to an early payoff.
Have Our Team Run The Numbers. The Savings May Surprise You.
If you are interested in paying off your mortgage early, click the button below to request more information and see if it makes sense for you.