Paying off your mortgage early can help provide you with financial stability, and you may save money in the long term by accruing less interest. Here are some ways you can pay off your mortgage faster:
➡️ Refinance your mortgage. If interest rates decline, you may be able to reduce the amount you pay toward interest by refinancing your mortgage.
➡️ Make extra mortgage payments. Another way you may be able to save money on interest, while reducing the term of your loan is to make extra mortgage payments.
➡️ Make one extra mortgage payment each year. Making an extra mortgage payment each year could reduce the term of your loan significantly.
➡️ Round up your mortgage payments. Another way you can help reduce the term of your mortgage significantly is to round up. When budgeting for your mortgage payment, round up to the next highest $100 amount.
➡️ Try the dollar-a-month plan. Each month, increase your payment by $1. Simply pay $900 the first month, $901 the second month, and so on. For a 30-year, $900-per-month mortgage with a 6% fixed interest rate on a loan of $150,000, you could reduce the term of your mortgage by eight years.
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