How to pay your mortgage off faster
All this time in our homes, the rapid increase of unemployment, and the ease of online shopping has many of us looking at our finances a lot these days. If you are looking to pay off your mortgage more quickly, consider these options on how to do so:
- Biweekly payments
- make an extra payment every year
- save thousands in interest
- monthly payment cut in half, so same impact on your budget
- Make extra principal payments
- save you interest charges
- will add up very quickly
- Refinance into a shorter loan-term
- maybe refinance 30 year loan to 15 year loan
- likely get a better interest rate
- shorter time frame = lot less in interest