How to Pay off Your Mortgage Quickly
Is there are a best way to pay off your mortgage quickly? Here are the five most practical tips to pay your mortgage faster. Number one simple fact is that the more you pay towards the principal amount or the actual money borrowed, the less you pay towards the interest and the faster you pay off your mortgage. Tip 1: Make extra payment towards the principal amount of your mortgage This will reduce the overall interest you pay and make your repayment much faster. If you have extra money, just go to your bank and make a payment. Make sure that you tell them it is principlal payment, so that they don’t apply it to your next monthly repayment. Tip 2: Make arrangements with the bank to pay bi-weekly instalment This will allow you to make 26 bi-weekly payments, which equals to 13 payment a year, rather than 12 payments a year. The bottom line is that you make repayment quicker and save money on interest. Tip 3: Re-mortgage your home to a lower rate Mortgage right now are...
Comments
Post a Comment