How do you pay your mortgage off faster?

+1 vote
asked May 21, 2018 in Real Estate - Renting by Suliea (340 points)
How do you pay your mortgage off faster?

1 Answer

0 votes
answered May 22, 2018 by Gracy (125,580 points)
You can pay your mortgage off faster by making biweekly payments on the mortgage instead of one monthly payment and pay extra towards the mortgage than your original mortgage payment.

Paying extra money towards your mortgage can help get it paid off much faster. Cut out other expenses that you really don't need and use that extra money to add to your mortgage payment so that the mortgage balance will be wiped out much more quickly.

Even an extra $100.00 to $200.00 per month on the mortgage can knock it down much quicker than paying the amount you're required to pay each month.

If you have a 30 year mortgage you can always refinance the 30 year mortgage to a 15 year mortgage which will make your payments higher but you'll have the mortgage paid off sooner.

30 years is a pretty long time to pay on a mortgage so the quicker you can get the mortgage paid off and own your home the better.

Then once you have the mortgage paid off put the money that you would be paying towards the mortgage into a savings account so that it will earn interest.

That money could add up overtime and you'd have a nice nest egg for retirement or emergency expenses.

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