Looking to decrease your debit? Here are a few strategies to help get rid of your mortgage before the 30 year mark.
1. Add more to your principle payment every month. Even a small amount of additional payment is a helpful step towards complete home ownership. It becomes a savings circle. As you pay down the principle, your also decreasing the amount of interest you have to pay and ultimately less of a mortgage.
2. Refinance. Adjust your loan so that it will amortize in 15 years. You'd be surprised that your payment will not necessarily double, but you'll be done in half the time. Or just act like you have a 15 year mortgage and make that level of payment on your 30 year mortgage.
3. Pay 2x a month.Make a mortgage payment on the 15th and then again on the 30th. You'll make 24 total payments over a year and be significantly ahead of your amortization schedule. If you have the capability, take it one step further and make a payment every two weeks, just don't become house-poor. :)
These strategies were taken from www.bankrate.com. They have other great articles as well.
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