3 ways you can pay off your mortgage earlier

Real Estate Agent with The KER Group 306650

Here are some tips if you are thinking of ways to pay off your mortgage earlier than scheduled:


1. Pay more than your minimum payment - Adding a little extra money to your monthly payment reduces your interest and will shorten the length of your loan. 


2. 15 year mortgages - You will be committed to a little higher loan payment with this loan option but it is valuable because you will be paying extra on your principal than you would with a 30 year loan. So you pay your loan off in half the time when compared to the 30 year loan.


3.  Bi weekly payments - there are 52 weeks in a year, and 12 months. If you pay half of your regular mortgage payment every other week you will have made 26 half payments or the equivalent of 13 full monthly payments at years end..



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