get the mortgage monkey off your back

7 Strategies to Pay Off Your Mortgage Early

You’ve probably heard the line, “with great power, comes great responsibility.” We can also flip that to homeownership: with great equity, comes great…mortgage payments. Sixty-six percent of Americans have a mortgage, and chances are, you may be one of them! Owning a home is one of the best things you can do to build equity and wealth, and paying off the mortgage comes with the territory in most cases.

This month, you’ll find some strategies to help you pay off your home early. Even if you implement one or two, you could find yourself on the fast-track to owning your home outright.

If you have questions about your own mortgage or how to get started, I have a great mortgage professional I can connect you with. Give me a call!

Oh, by the way… if you know of someone who would appreciate the level of service I provide, please call me with their name and contact information. I’ll be happy to follow up and take great care of them.

Only 34% of Americans own their own homes free and clear. All other homeowners have a mortgage they're chipping away at. If you have a mortgage, you may want to consider paying it off early. Before you begin you should know some states allow lenders to implement prepayment penalties, which means it could actually cost you more to pay off your mortgage early. So, check with your lender to see if you have a prepayment penalty on your mortgage.
7 strategies to pay off your mortgage early . 1) bi-weekly payment plan. Pay half your monthly payment every two weeks. Some months will have an additional payment, this could add up to an extra full payment per year. #2) Matching principal payment plan. Add your initial principal payment to every monthly payment that follows. This shaves years off your mortgage and saves interest. #3) Make an extra full payment per quarter. In some cases this can take up to 11 years off your mortgage. #4) Cash influx. Put unexpected cash, like an inheritance, birthday gift, tax refund, etc., towards your principal balance. #5) refinance to a 15-year loan. #6) Divide your mortgage payment by 12. Add this amount to your monthly payment make one extra payment per year. #7) Do what you can.

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