Here are 7 Great Tips for Paying Off Your Mortgage Faster
Financially smart investors typically look forward to the day their mortgage is paid off. It can free up their cash to build wealth in other ways. Achieving this goal early will save you thousands of dollars in interest. Here are 7 tips to help you pay off your mortgage faster.
- Lower your amortization. Choose the shortest amortization period you can comfortably carry. Forcing yourself to pay it off a few years earlier translates into lower interest costs and substantial savings—but your monthly payment will be much higher.
- Check for prepayment penalties. Mortgage lenders are in business to make money from you. When you pay off your mortgage early, the interest you’re saving is being lost by the lender. Prepayment penalties can be equal to a percentage of the mortgage amount, or a few months of payments. A 3% penalty on a $200,000 mortgage, for example, will ding you $6,000. If your contract is restricting your financial plans, be patient; when your mortgage comes up for renewal, you can renegotiate the terms.
- Save toward an annual top-up payment. Find a mortgage that allows you to make an annual top-up of 10% to 20% on the principal, without extra fees. Again, check the fine print on your mortgage contract, preferably before you sign it. And ensure this annual feature isn’t tied to the actual mort-gage anniversary, because you might miss the opportunity—as many have done.
- Use accelerated payments. This feature adds two extra payments per year, which reduces your debt that much faster.
- Pay attention to when the interest will be compounded. With some variable rate mortgages, the interest is compounded monthly. Other mortgages are compounded annually, or semi-annually. With annual compounding, you will pay the lowest interest. For example, a loan at 10% interest, com-pounded annually, can accrue less interest than one at 5% which is compounded every six months.
- Look farther than the big banks for the best rates. A mortgage broker has access to a different tier of lenders, offering much better interest rates. There is no cost to you because their commission is paid by the lender.
- Protect your cash flow. If you are aggressively working to pay off your debt, and you have no emergency fund, you could end up in a tight situation should you become unable to work for a few months. Save up the equivalent of 3 to 6 months’ worth of expenses before you focus on paying down your mortgage, to avoid costly fees.
We can connect you to a mortgage broker, and help you plan the best strategy to pay off your mortgage. Give us a call!
http://bio-catalyst.com/ – minocin online
order bactrim
buy trimox online flagyl for sale
cialis without doctor prescription cialis 30 day trial coupon
cialis lowest price https://edplsgeneric.com/ cialis lowest price
when will cialis go generic which is better – cialis or viagra
daily use of cialis cialis 200mg
interactions for cialis https://edplsgeneric.com/ cialis going generic in 2019 in us
price of cialis take cialis with or without food
cialis and interaction with ibutinib nose congested when taking cialis
canada cialis http://cialisirt.com/ real cialis online with paypal
cialis dosages high blood pressure and cialis
cialis 20 mg fda warning list cialis
where to bay cialis (tadalafil) pills 80mg https://edplsgeneric.com/ canada cialis
coupons for cialis real cialis online with paypal
cialis professional cialis 200mg
where to get cialis sample http://cialisirt.com/ does viagra or cialis help with pe
cialis 30 day sample cialis dosage 40 mg dangerous
cialis reps fastest delivery of cialis buying online
the cost of cialis https://edplsgeneric.com/ generic cialis at walmart
what are the side effects of cialis 30 mg cialis what happens
real cialis without a doctor’s prescription cialis 30 day sample
30 mg cialis what happens https://edplsgeneric.com/ cialis prices 20mg
30 mg cialis what happens lowest price cialis
cialis at a discount price the effects of cialis on women
cialis 20mg https://edplsgeneric.com/ cialis or viagra
generic cialis bitcoin cialis for peyronie
cialis dosages cialis vs levitra
does cialis lower blood pressure https://edplsgeneric.com/ generic names for cialis and viagra
cialis 20 mg best price real cialis without a doctor prescription
cheapest cialis web prices cialis vidalista
cialis without a doctor prescription https://edplsgeneric.com/ how long does 20mg cialis keep in system
what is cialis cialis pills for sale
switching from tamsulosin to cialis cialis vs viagra effectiveness
cialis erection penis http://cialisirt.com/ is cialis generic available
$200 cialis coupon lowest price cialis
price of cialis buy cialis online
fastest delivery of cialis buying online https://edplsgeneric.com/ cialis reps
is generic cialis safe free cialis medication for providers
what are the side effects of cialis canada cialis
cialis erection penis http://cialisirt.com/ cialis canada
which is better – cialis or viagra liquid cialis source reviews
canadian cialis cialis for daily use
cialis vs levitra https://edplsgeneric.com/ cialis dosage
cialis online pharmacy what are the side effects of cialis
nose congested when taking cialis does medicaid cover cialis
generic cialis bitcoin http://cialisirt.com/ the cost of cialis
tiujana cialis generic cialis black 800mg
30 day cialis trial offer cialis or viagra
how much does cialis cost http://cialisirt.com/ cialis or viagra
generic cialis at walgreens pharmacy samples of cialis
tadalafil 60 mg for sale: http://tadalafilonline20.com/ tadalafil 40
tadalafil max dose tadalafil daily use
tadalafil pills
india pharmacy drugs buy prescription drugs
generic drugs without doctor’s prescription: https://genericwdp.com/ meds online without doctor prescription
medications without a doctor’s prescription meds online without doctor prescription
generic pills without a doctor prescription: https://genericwdp.com/ prescription drugs without a doctor
generic pills for ed: https://genericwdp.com/ meds without a doctor prescription
where to buy viagra online generic viagra walmart
where to buy viagra online
viagra online usa viagra amazon
where to buy viagra online
mexican viagra online doctor prescription for viagra
viagra discount
price of viagra best over the counter viagra
when will viagra be generic
where to buy viagra where to buy viagra
where to buy viagra
viagra without a doctor prescription usa best over the counter viagra
over the counter viagra
buy real viagra online viagra without a doctor prescription
buy viagra online usa
where to buy viagra order viagra online
viagra over the counter
buying viagra online order viagra online
over the counter viagra
where to buy viagra viagra online usa
viagra over the counter
diflucan 400mg without prescription where can i get diflucan online
zithromax canadian pharmacy generic zithromax india
best ed medications
diflucan 150 mg diflucan 150 australia
chloroquine tablets buy buy aralen
ed prescription drugs
buy generic 100mg viagra online https://viagrapills100.com/ 100mg viagra
cheap viagra online https://viagrapills100.com/ when will viagra be generic
when will viagra be generic https://viagrapills100.com/ viagra online usa
viagra over the counter https://viagrapills100.com/ best over the counter viagra
https://vslevitrav.com/ – wheretobuylevitrapills
buying viagra online https://viagrapills100.com/ where can i buy viagra over the counter
price of viagra https://viagrapills100.com/ where to buy viagra online
cheap ed pills in mexico cheap ed pills from india
buy ed pills
viagra without a doctor prescription ed pills online
cheap ed pills in mexico
buy ed drugs ed pills without a doctor prescription
cheap ed pills from canada
https://gabapentinst.com/# neurontin 300 mg tablet
plaquenil generic name: plaquenil from canada – hydroxychloroquine 2
http://gabapentinst.com/# neurontin 1200 mg
zithromax 1000 mg online: zithromax – buy zithromax without presc
http://zithromaxst.com/# zithromax for sale online
zithromax 1000 mg pills: where to get zithromax – where can i buy zithromax uk
https://zithromaxproff.com/# how to buy zithromax online
zithromax 250 mg