4 Ways To Pay Off Your Mortgage Faster

Month after month, you pay your mortgage payment, and it seems like a never ending cycle to reach that finish line. However, imagine yourself with a future free of these payments. We’re here to help you reach that dream a little quicker.

Pay Off Your Mortgage Faster
Pay Off Your Mortgage Faster

Before you go speeding off trying to do so, there’s a few things you should consider first. Homeowners with low mortgage rates as well as need-based financial aid applicants aren’t advised to take this route.

There’s 4 simple ways to pay off your mortgage faster:

1. Refinancing
2. Increased Monthly Payment
3. Extra Annual Payments
4. Non-Essential Income

1. Refinancing
Going from a 30 year mortgage to a 15 year mortgage will put you on the fast track to paying off your mortgage in half the time. You could potentially save money on interest rates while doing so too! However, you must meet all loan qualifications, ability to afford higher monthly payments and cover additional closing costs.

2. Increased Monthly Payment
By contributing extra money to your monthly payments, you’re able to pay off your mortgage faster as well as potentially save on interest. However, it is advised to consult your lender before making additional payments.

3. Extra Annual Payments
A penny saved is a penny earned. If you contribute one or more yearly payments to your mortgage, you will still pay it off sooner and cut down on total interest paid. Please consult your lender to be approved for additional payments.

4. Non-Essential Income
Whether you won the lottery, received a bonus, or inherited money, you could put it towards paying off your mortgage faster. However, we advise that you ensure that this is an effective way to use your new money.

Bankrate has a nifty calculator to show how much you could save by paying off your mortgage faster.

Paying off your mortgage faster could be beneficial for you and we’re here to help make that process easier. Contact one of our loan consultants today to see how much money you could be saving (800) 245-3279 (EASY).