There are a ton of benefits to paying off your mortgage early — eliminating a huge monthly bill, saving loads on interest, more money for retirement, and more available equity in your home. Not to mention the incredible peace of mind that comes with knowing your debt is significantly reduced, and your home is really yours. We’ve outlined five great ways to help pay down your mortgage fast and get on with the business of living your life!
Make an Extra Payment Every Year
This is a no-brainer. Paying off your mortgage is the first and best step toward getting a better interest rate or short-term loan. It’s also one of the best ways to save more money in the future.
Make Bi-Weekly Payments
This is a great way to help make up your monthly payment and still have room for a 20% interest rate or lesson your loan. You’ll still be responsible for paying your mortgage, but you won’t have to pay it every other week.
Refinance For a Better Interest Rate or Shorter Term Loan
If you’re in a bit of a retirement crisis, this could be the way to go. Refinance for a better interest rate or shorter loan. This will free up more money to invest in your retirement account, and it will free up your monthly payment to go toward your home mortgage.
Put All Your Extra Money Towards Your Home Mortgage
As much as possible, put all your extra money towards your home mortgage. This will help to make payments on your loan less expensive and make your monthly payment go further. It will also help to get your mortgage interest rate lower, which will help to save even more.
Lump-Sum Payments
This one may shock you, but there are many benefits to this one too. It’s a way to help get rid of a lot of stress and anxiety that comes with needing to pay off your mortgage early. It also helps to help you wind down your mortgage loan to make things easier in the long run.
Summary
Making extra payments every year is actually a great thing to do. It helps to get rid of a lot of stress and anxiety that comes with being a single parent and takes time out for you to spend time with your kids. And it helps to save more money in the long run. Making bi-weekly payments is also a great way to help lower your monthly payment and get more money out of your mortgage. Additionally, it’s a great way to help save for your future baby’s nursery and for your house. If you make an extra payment every year, it’s not just money you’re helping to reduce your monthly payment. It’s also money that’s saving you money in the long run. These five things will help you get on with your life and pay off your mortgage. Plus, they’ll help you save more money in the long run! explore more: How to Pay Off Your Mortgage as It Fastens Keeps Getting Better. Also Read!
