PRO Tips to paying off your mortgage faster

So, you have moved into your dream home and are enjoying being a homeowner? That’s great! The next goal for many is to pay off their mortgage so that they don’t owe the lender any money. This may seem like a lofty goal for many people, but with some discipline and a few smart tips and tricks, this may be possible sooner than you realize. We will look at a few steps you can implement today to pay your mortgage off sooner and own your home free and clear! 

1. Make regular extra payments 

You can shave years off your mortgage by paying a little extra monthly for your principal loan amount. The lower your principal loan amount, the less interest you will pay on your mortgage. Taking a $220,000, 30-year mortgage with a 4% interest rate, by making an extra payment of $1050 every quarter, you will pay your mortgage off 11 years early and save more than $65 000 in interest. 

2. Refinance to a shorter loan period 

The most popular mortgage term is 30 years. However, there are many other shorter-term loans available as well. A shorter-term loan means you will have higher monthly payments but will pay less interest over time. If you can afford the higher monthly payments, you should definitely consider it! 

3. Make lump-sum payments 

If you get an extra pile of cash, consider putting this towards your principal loan amount. It is important to specify that you want the additional amount to go towards the principal loan amount rather than being split between the interest and the principal. 

4. Make payments Bi-Weekly 

By cutting your monthly mortgage payment in two and paying every two weeks, you are making 26 half payments in a year, which is 13 full payments. Doing this makes one full extra payment per year, which adds up over time and can help you pay off your loan sooner. 

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