Pay Off Mortgage Early in Florida
After paying your monthly mortgage payments for a few months, you may realize that you can afford to pay more towards your mortgage every month. Think of it like a credit card, the more you pay, the faster your loan will be paid off. Sounds good right?
There are many benefits to quickly paying off your mortgage. The main benefit is that you are relieved of the stress of repaying the loan and another benefit is that you can save lots of money.
You can save thousands of dollars that you would have otherwise paid as unnecessary interest for the remaining mortgage term. Besides, once you pay off a mortgage early in Florida, you quickly gain home ownership rights.
It’s up to you to decide how you want to pay off your mortgage- either by increasing your monthly payments or by increasing the frequency of your monthly payments. If you choose to increase your mortgage payment, you can increase it by 10 to 20%. You can however only make this increase once a year. If you opt to increase the frequency of payments, you can aim at perhaps paying once a fortnight instead of paying once a month.
Here at Moreira Team, we know how stressful it can be to have a mortgage, and can help you sort through the pros and cons of paying off your loan early. The first step is to determine if there are any penalties involved with early repayment.
Give us a call today and get one step closer to the dream of owning your own home free and clear.
Florida County Mortgage Service Areas