How’d you like to pay off your 30-year mortgage in 17 years? It is easier than you think. If you simply make one extra mortgage payment a year, you’ll trim about 13 years off the term of your loan. So how do you come up with that extra payment? Here are a couple of tips:
1. Apply your tax refund to your mortgage
2. Each month add an additional 8% to your mortgage payment
3. Pay half your mortgage every two weeks, instead of one payment a month -- you’ll end up making 26 half payments, which means 13 full payments instead of 12.
These are just a few things you can do to easily pay off your mortgage quickly. It is important that you tell your lender to apply the extra money to your principle. It is also important to keep detailed records of your payments and instructions and review your mortgage at least once a year to ensure your lender is following your instructions.
If you do, you could own your home free and clear in no time.
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