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A Few Tips to Pay Your Mortgage Sooner
Manage episode 183108745 series 1280679
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You don’t have to wait 15 or 30 years to pay off your mortgage. Here are a few simple ways to shorten the length of that loan.
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Did you know that you can shorten your mortgage term without refinancing? In fact, there are a few different ways in which you can do this. One option is making an extra payment each quarter. Sometimes that can be tough though, so here are a few other options.
You could also add an extra 1/12th of your regular payment to each monthly payment. For example, if you have a $1,200 payment, you would add $100 to each payment. If you do this for an entire year, you will have made 13 payments instead of 12.
Another option is paying bi-weekly. Instead of paying $1,200 once a month, you can pay $600 twice a month. You’ll also end up making 13 payments with this method by the time the year is over. You could also just round up your payment or pay a little extra when you get a bonus or raise. The more you pay into your mortgage, the quicker you’ll be able to pay it off.
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If you have any questions for me about this or anything else related to real estate, give me a call or send me an email. I look forward to hearing from you. Bi-weekly payments is a great strategy.
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