Pay Your Mortgage Off Faster With These Money-Smart Strategies
By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
As with any loan or line of credit, there are benefits to getting your mortgage paid down. You’ll pay less in interest, potentially saving thousands over the repayment period. Moreover, you’ll own your home outright that much quicker.Let’s explore four money-smart strategies that will help you to pay your mortgage off faster.Start With The Obvious And Increase Your PaymentsIt won’t come as a surprise that one of the easiest ways to get your mortgage paid off is to increase the amount you put towards your monthly payments. Most lenders will allow you to place any extra funds directly against the outstanding loan amount or “principal.” This is very efficient as it avoids having to commit any additional funds to interest.One trick that many families use is to round the payment amount up to...
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