There are a few easy ways to make extra principle payments that can save you a ton of money in interest expenses and help you become mortgage-free quicker than you thought possible. Here are a few simple and valuable mortage strategies that you can incorporate into your mortage today:
This is a simple strategy that can save you a fortune and drastically reduce the length of your mortgage.
An example of this strategy in action would be if your monthly mortgage payments were $734 dollars per month, but
you rounded it up to $800 per month. You would be saving more than $48,000 in interest payments while reducing the
length of your mortgage by 7.5 years!
Paying off your mortage doesnt have to be diffucult. There is an easy way to save money and shorten your mortgage. For example, if you have a $100,000 mortgage, and you receive a $1000 tax refund this year, you can apply that tax refund to your mortgage. Over time, this will save you more than $8600 and eliminate an entire year and 1 month off your mortgage! This is just an example of one simple strategy that can help homeowners like yourself pay off a mortage quicker and in a shorter period of time.
Choosing a 15 year mortgage instead of a 30 year mortage is the best decision you can make if it is within your
financial means. The benefits of a 15 year mortage plan won't cost you much more than a 30 year mortage plan and the
amount you accumulate from interest savings will have you thanking yourself down the road. You also build home
equity faster due to lower interest rates and higher payment amounts because you pay down the pricipal balance
quicker which allows you to take the shorter path to full home ownership.
If you have a mortgage of $100,000 at 8% interest over 15 years, your monthly payment would be about $200 more, but
you'd end up saving $92,083 in interest over the lifetime of your mortgage!
Understanding and choosing to apply these simple strategies to your mortgage is the easiest way to reduce your
interest expenses and shorten your mortgage period.
