How To Pay Off Your Mortgage Faster
Summer 2020 has seen one of the best housing markets in many, many years. With interest rates at an all-time low, many homeowners are selling, buying, and refinancing. Are you thinking about having a lower monthly payment and a quicker way to pay off your new or existing mortgage? Here are some tips on how to get rid of that mortgage payment faster than what you may think.
Make biweekly payments instead of monthly ones.
This reduces your principal balance quicker (and reduces the total interest you pay over time).
Put any windfalls you get toward your loan balance.
That means tax refunds, holiday bonuses, and more.
Make one extra payment per year.
Commit to making just one extra monthly payment, and you could have your load paid off years early.