Tips to may off your mortgage faster

Dated: November 21 2020

Views: 4

For generations, homeowners would buy a home for life. Working over the years to make the payments and celebrating the end of the 30 year mortgage were great milestones in the family.

Today, few home buyers expect to be in their home for longer than 7 years on average. Paying off a 30 year mortgage seems like an impossible task. Fortunately, there are great ways to pay off your loan which do not involve time.

Here are a few tips for paying off your mortgage loan faster. 

-Biweekly Payments – Work with your lender to determine how they handle biweekly payments. If processed immediately, you can save 8 years of payments on a 30 year loan. 

-Extra Payments – By making just one extra payment each year, you can pay off your loan 11 years earlier. 

-Refinance to 15 years – There are great interest rates available for mortgage loans. Consider a 15 year mortgage. 

-Principal Reduction – Watch for ways to add to your monthly payment a little at a time. When possible, increase the principal payment you make. Paying off your mortgage builds wealth.

Consider your life goals, including retirement. A 30 year loan taken out at 37 years old will not be complete until 67 – retirement age. The loan needs to be part of the overall financial plan from the beginning and making payoff a priority with a few simple steps can add up to huge savings in interest which can then be used for better investments.

Blog author image

Jesicca Skoloda

Jesicca was voted Realtor of the Year 2014-2017 by the Times leader choice awards. She is a Multi-Million Dollar producer and has sold more than 30 million dollars in Real Estate since joining the ind....

Latest Blog Posts

Repairs to make before you list your home

A lot of money goes into buying a new house so it is understandable if a seller feels hesitant investing even more money to fix up their current house prior to selling.However, sellers may not

Read More

What you need to know to qualify for a loan

Before you start searching for your new home, the first step is to speak with a lender and determine your budget. This is being pre-qualified for a loan.Once you find the right home, then your

Read More

Multiple offers? How to choose the right one

Congratulations, you have multiple offers on your home listing.It’s exciting to hear that you have a choice in buyers. Yet how can you make sure that you choose the right offer? With varying

Read More

Tips to may off your mortgage faster

For generations, homeowners would buy a home for life. Working over the years to make the payments and celebrating the end of the 30 year mortgage were great milestones in the family.Today, few home

Read More