How to Pay Off a Mortgage Early
Mortgage Payoff Tips
If you want to pay off mortgage early, you can save on the cost of your interest payments which gets you to home ownership sooner. Moreira Team prides itself in only dealing with lenders who have penalty free mortgages that don’t penalize borrowers for paying off their loan sooner because it just does not make sense for a lender to do that to a borrower. Here’s how to get to ownership sooner:
Depending on the limits set on the loan you can increase the mortgage payment by 10 to 20% once each year.
Increase the Frequency of Your Payments
Switching up the frequency of payments to bi-weekly can save you a mortgage payment once a year and save you thousands over the term of your loan and you paying off your mortgage faster.
Shorten Your Amortization Period
If you recently had a promotion or received a bonus put an amount towards a lump sum payment , why not consider reducing your amortization period when your loan comes up for term renewal this way you paying off your mortgage faster.