Pay off your home six years early with this simple strategy.
There's a lot to consider when switching your mortgage payment. But the facts are pretty simple.
If you pay half of your regular mortgage payments every other week, you'll have made 26 half-payments. That's the equivalent of 13 full monthly payments.
- Bi-weekly payments take advantage of an extra annual payment. Just one extra full payment can chop about six years off a 30-year mortgage!
- You can also add "a little something" each month or year, and pay your mortgage even sooner! Just note to your lender, it's an aditional payment against your principal. Amounts such as little as $25 or $50 go a long ways.
My wife and I did this, and we will now have our home paid off early! Some lenders charge for this service, though ours did not. I would pay for something that should be free. You can do do-it-your self bi-weekly payments. Please let me know what your bank or lender's response is.
Happy financial freedom!
If you, or someone you know is buying or selling a home, I'd be honored to represent you or your referral.
Call me at 425-610-7202 to set up a free no obligation consultation.