Reduce Mortgage Loan Time
The following Everyday Savings Tip comes from, Kathy:
Paying extra on your mortgage is a huge money saver. If you pay ONE extra payment per year, you pay off a 30-year mortgage approximately 6 – 7 years early!
One way to do this is to pay bi-weekly, but some mortgage companies charge for this. Another easy way is to divide your mortgage by 12, and pay that amount extra per month toward principle, which will equal one extra payment.
If you get a raise, before you get used to the “extra” money, start paying it on your mortgage, you won’t miss what you never had.
We are currently working to pay off our mortgage sooner. I am rounding up our payment to the next hundred. By doing this we are paying several extra payments to our principal for the year. We haven’t missed the money yet either!
Do you have tips to reduce your mortgage debt sooner?
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