Be Mortgage Free Faster
Pay off Your Loan Faster.
You want to refinance or purchase a home and immediately think about how to pay off the loan faster so your not burdened with a 30 year mortgage for 30 years. There are some strategies you can use to reduce your mortgage faster, over time! The choices include:
1. Save a portion of your income each month and pay down the mortgage with a lump sum some time down the road.
2. Try this. Just make 1 extra payment a year to the principle mortgage and you can pay off your loan within about 17.50 years. Should you choose to make 2 extra payments that drop the pay off date to about 13 years? That’s a real savings.
3. You can always make bi-weekly payments which are another way to make your payment faster and reduce your mortgage to zero.
4. Prepay or overpay your mortgage throughout the year. Making any kind of extra payment can help to reduce your mortgage, faster.
If you would like some help in figuring out what program best works for you, you can consult with one of our mortgage lending professionals. They can run the figures for you and give you a printout showing the breakdown of payments based on the different programs. LendPlus Financial is ready to help.