Georgia Pay Off Mortgage Early
If you are looking to clear off your Georgia mortgage sooner than its term you may want to put a few plans in place to help you do that.
Here are a few tips on how to pay off a mortgage early in Georgia:
- Accelerated Payments: this basically involves increasing mortgage payment by 10 to 20% once each year. By increasing your payments, you will be able to decrease the duration of the loan significantly.
- Increasing frequency of payments: if you normally pay mortgage monthly you can switch it to bi-weekly. That will, in turn, increase the aggregate amount you pay each month and help you pay off the mortgage sooner than later.
- Shorten amortization period: the amortization period of a loan refers to its lifetime. You can negotiate with your lender or refinance and reduce that duration. Doing that will force you to pay more each month and ultimately you will clear off the mortgage sooner.
But before you embark on paying off your mortgage early, you should first consult your lender and find out whether there are penalties for doing so. Some Georgia lenders slap penalties on homeowners who pay off their mortgages early because it lowers their earnings on interest rates.
If you need more advice on Georgia pay off mortgage early possibilities, please contact Moreira Team and we will help with a cost-benefit analysis.
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