PAY DOWN YOUR MORTGAGE FASTER

Purchasing your home will be the biggest investment you will ever make. It is important to make smart investment choices and paying off your mortgage will be the best decision you can make. The faster you pay your mortgage off the less interest you will pay to the lender and eventually no mortgage will give you more disposable income to invest elsewhere. There are several ways to help you pay your mortgage off faster.

How do you know how much you can pay your mortgage down by? Most lenders will allow you to pre-pay 15-25% of the original amount of mortgage per year. In addition, you can also look at increasing your payments by 20-25% with most lenders. Some lenders will also offer a double up option where you can match your current mortgage payment. By utilizing these options you will save thousands of dollars in interest and pay your mortgage off earlier. Use your tax refund, bonus, increase in pay or inheritance to pay your mortgage off and start building more equity today.

Are you currently on a Variable Rate Mortgage? If your payments have been decreasing why not increase your payments to what you were originally paying. You won’t notice a difference in your monthly budget as you were already used to the higher payment but you will enjoy the savings in interest over the term of the mortgage.

What payment schedule saves me money? Set your payments on an accelerated bi-weekly payment schedule. You will pay one extra month payment towards the principle every year which results in great savings in interest as well as decreasing the time you pay your mortgage off. Most people are paid every 2 weeks from their employer, so setting your payments with your pay schedule works great.

Are you currently paying a high interest rate? You may want to look at refinancing to decrease your interest rate. By leaving your payments at the higher interest rate you will pay your mortgage off quicker. Take into account that if your penalty is too high, it will not be beneficial to look at this option.

Our job is to find you the Best mortgage and build financial security for tomorrow. Call Today for your Mortgage Checkup!