Paying Your Mortgage Off Faster!

Posted by Admirals Cove Homes on Sep 4, 2014 in Home, Real Estate | 0 comments

Many people say it is a matter of personal finance but paying your mortgage off faster is just plan good old common sense. Plus owning your home outright might be the best feeling you can ever really have. So we have developed a list of what our experts say are the top five ways to pay off your mortgage faster.

1.)   Refinance Your Mortgage: Refinancing your mortgage is probably the most effective way to pay down your mortgage faster. There are multiple ways that you can refinance your mortgage from shortening the length of the loan to lowering the interest rate on the loan. Just be sure to check with a mortgage professional to find the refinancing method that fits your situation best.

2.)   Make Bi-Weekly Payments: Switching from monthly payments to bi-weekly payments can be a great way to help you pay your mortgage off faster without adding too much stress to your life. When you make monthly payments you make 12 payments a year and with a bi-weekly system because there are 52 weeks in year you end up making 13 payments a year. Which experts say can cut off about six years from a thirty-year mortgage.

3.)   Just Pay More Each Month: Paying more than required each month is a great way to pay your mortgage down faster. Just impose some self discipline and each month add a set amount over your normal payment that you can comfortably afford. Adding even just a little amount each month to your principle will prove to be very beneficial and help pay your mortgage off faster.

4.)   Double Your Monthly Payment Every Few Months: Another great way that you can pay off your mortgage faster is to double up your monthly payment every few months. By doubling up your monthly payment every three or four months you can really help pay down your mortgage faster than you might expect.

5.)   Make A Substantial Payment Once A Year: One of the best ways you can pay down your mortgage faster is by making an extra substantial payment every once in awhile. Say you get a yearly bonus, an inheritance, a large tax refund, maybe some of your bonds or CDs mature, etc. Any of these things afford you the ability to make a substantial payment to help pay down your loan faster.

These are great ways for any homeowner to pay off their mortgage faster not just the homeowners of the beautiful real in Admirals Cove. So please consider sharing this article socially!