Pay it Down Faster
Maybe this is your first mortgage, maybe it's not, but here are 4 easy to use strategies for paying off your mortgage faster:
Pay a little extra each month
Try adding an extra amount to your regular mortgage payment each month. You might not think so, but even a small amount of $20 or $30 per payment adds up over time. Over the average life of a loan, that little amount can literally save you thousands.
Use raises and bonuses wisely
If you get a bonus from work, or an annual raise, then apply that difference to your mortgage. Earmark those increases in your annual or monthly revenue for paying down your mortgage, and you won't even miss it. The extra funds will go a long way to reducing the principal mortgage debt.
You can't go wrong when you double down
One of the most dependable ways to pay off your mortgage debt faster is to double-down on your mortgage payments. Paying double the mortgage amount, even just four times per year
can add up to months or even years off the amortization.
Put a tax refund to good use
If you're getting a tax refund this year, try using it to pay down your mortgage. When it comes time to renew you'll be thankful for all those lump-sum prepayments. There's no doubt about it - it is simple math at the end of the day. Stop focusing on the rate and pay closer attention to prepayment options. Remember, to save yourself from prepayment penalties, read your
mortgage document or
talk to your mortgage