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A Few Tips to Pay Your Mortgage Sooner
Manage episode 183108745 series 1280679
Innehåll tillhandahållet av Alfie McFadden. Allt poddinnehåll inklusive avsnitt, grafik och podcastbeskrivningar laddas upp och tillhandahålls direkt av Alfie McFadden eller deras podcastplattformspartner. Om du tror att någon använder ditt upphovsrättsskyddade verk utan din tillåtelse kan du följa processen som beskrivs här https://sv.player.fm/legal.
You don’t have to wait 15 or 30 years to pay off your mortgage. Here are a few simple ways to shorten the length of that loan.
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Did you know that you can shorten your mortgage term without refinancing? In fact, there are a few different ways in which you can do this. One option is making an extra payment each quarter. Sometimes that can be tough though, so here are a few other options.
You could also add an extra 1/12th of your regular payment to each monthly payment. For example, if you have a $1,200 payment, you would add $100 to each payment. If you do this for an entire year, you will have made 13 payments instead of 12.
Another option is paying bi-weekly. Instead of paying $1,200 once a month, you can pay $600 twice a month. You’ll also end up making 13 payments with this method by the time the year is over. You could also just round up your payment or pay a little extra when you get a bonus or raise. The more you pay into your mortgage, the quicker you’ll be able to pay it off.
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If you have any questions for me about this or anything else related to real estate, give me a call or send me an email. I look forward to hearing from you. Bi-weekly payments is a great strategy.
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