| Four Ways To Pay Off Your Mortgage Faster |
| Articles - Mortgage |
|
Did you set up a 30 yr loan for your home mortgage?
Did you set up a 30 yr loan for your home mortgage? If you answered yes, would you like to pay it off quicker? All it takes is a little bit of your attention and a few simple actions on your part. The scary part is this: If you take 30 years to pay off that loan, you will have paid more in interest to the bank than they even loaned you originally! If you borrow $100,000 at 6%, you will pay more than double that amount on your 360th payment. Does that anger you? It may be time to look at methods to pay off your mortgage early. Here are 4 strategies on how to pay off your mortgage early. Become Debt Free Method 1: Do A Mortgage Refinance. Lock in at a lower rate or shorter term. For example, many homeowners find that they can shorten to a fifteen or twenty year term and enjoy an interest rate that is not as high as a thirty year loan would be. What if the shorter term, lower interest rate loan had a payment not much higher than the 30 year payment? Become Debt Free Method 2: Pay Extra Principal Each Month. That's right. Simply send in an extra check each month, requesting that it be applied to your principal. It doesn't have to be much. Send in whatever you can afford. It might surprise you how much impact it can have reducing your loan amount. Become Debt Free Method 3: Sign Up For The Bi Weekly Payment Plan. You will be paying a 1/2 payment every 14 days. Check with your bank. If they can't do it, do a Google search. There are lots of banks who can do this for you. Basically what you accomplish with this method is the payment of a full monthly amount at the end of the fifty two weeks. The bank subtracts this from your loan amount and it is harmless to your budget. An additional mortgage payment every year really affects your loan amount and helps you pay it off much sooner. Become Debt Free Method 4: The final method is magic. It combines the power of super computers and a HELOC (Home Equity Line Of Credit), to destroy that principal amount. I know of just a few software companies that can help. It is sweeping the USA, but has been popular in Australia and England for decades. All four methods above can be effective helping you to quicker pay off your mortgage and all other debt. I personally recommend the fourth method. What if you could get rid of your mortgage in 1o years instead of 30 years and not even have to change your spending habits? Many 30 year loans are being reduced to twenty or even ten years and $100,000 and more are being saved for the homeowners! This is the best way to pay off your mortgage we have ever seen, perhaps. I had to include it as one of the 3 secrets in my book 3 secrets of millionaires. Build your retirement and become rich yourself. Don't give it to the banks. Give this one the time it deserves. You will thank me. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. Learn how to pay off your mortgage faster. Read the whole book to find out how to retire rich and make money from home. |