Pay Off Your Mortgage Quicker

Dated: 10/28/2016

Views: 577

If you have a 30-year fixed rate mortgage, check out these tips that can help you pay off your loan in less than 30 years:

Round your payment up each month

Rounding up your payment to the next highest $100 amount each month is an easy way to reduce the amount of time you’ll owe on your loan. For example, if your payment is $1260, pay $1300.

Set up bi-weekly payments and pay half of your payment every 2 weeks

Arranging bi-weekly payments with your lender will result in you paying 13 payments per year, as opposed to just 12 when you pay monthly.

Increase your payment when you receive a salary increase or bonus

Applying any extra income earned to your mortgage without cutting into your current monthly budget is another simple way to help to pay down your mortgage faster.

Use your tax refund to pay extra on your mortgage

Just like using a raise or bonus to pay extra on your mortgage, designate some of your annual tax refund to your mortgage each year.

Refinance into a 15 year loan

Choosing to refinance from a 30 year to a 15 year mortgage will drastically reduce the time it will take to pay off your loan, as well as decrease the amount of interest you pay.

Refinance to a lower interest rate

Lowering your interest rate will reduce your monthly payment and free up extra money that can be applied to your mortgage to pay it down early.

*Before you decide to pay off your mortgage early, make sure you check with your lender about possible prepayment penalties.

Blog author image

Jim Mazzerina

ABR, CRS, E-Pro, RSPS, SFR, SRES Jim is a “Jersey boy” originally from north Jersey in the Totowa, Little Falls area. He made the move to Stafford about 30 years ago, after finding the perfect....

Latest Blog Posts

How To Go From Renter To Owner On Long Beach Island

 How to go from renter to owner on Long Beach Island?Located on the North End in Harvey Cedars, this three - bedroom, two bath duplex shares ownership with other members of a homeowner

Read More

LBI Tennis Kids And Adults

Sign up now for summer fun for yourself or children of all ages!Contact me for more information or call the LBI Foundation directly.They have so many wonderful programs and events throughout

Read More

Blessings Of The Fleet

Come join us and lend your blessings to all those out on the water!June 17 at 5:30 at Viking Village#watersafety #lbifishing #vikingvillage

Read More

Waterfront Living

waterfront living comes in all shapes and sizes. Contact me to help you find your spot on

Read More