mortgage simple definition: 5 Easy Ways to Pay Off Your Mortgage Faster

5 Easy Ways to Pay Off Your Mortgage Faster

5 Easy Ways to Pay Off Your Mortgage Faster. 5% Down No PMI Mortgage Loan Phil Caulfield 650 222-0386

5 Easy Ways to Pay Off Your Mortgage Faster video duration 4 Minute(s) 43 Second(s), published by IWantToOwn Mortgage on 26 07 2017 - 17:40:10.

Find out easy ways to pay off your mortgage faster
David Ford from IWantToOwn Mortgage explains 5 easy tips on how to pay off your mortgage faster
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Find out easy ways to pay off your mortgage faster. David Ford from IWantToOwn Mortgage explains 5 easy tips on how to pay off your mortgage faster.

1. Accelerated bi-weekly payments
If you're a first time home buyer and just got your first mortgage, it's not a bad idea to set up your payment frequency to monthly. You could switch to an accelerated bi-monthly payments later on. The extra payment will go directly to your principal.

2. Round up your mortgage payments
Every dollar counts when it comes to paying off your mortgage. The quicker you can pay off your loan, the more you will save in interest. A painless way to make your mortgage disappear faster is to round up your mortgage payments.

3. Make a lump sum payment
Most banks will allow you to make an extra mortgage payment each year, which is applied directly to the principal. Taking advantage of this by making a lump sum payment. This is a great way to chip away at your mortgage.

4. Use your raise
You could use your annual raise or bonus towards your mortgage payments. When your annual, monthly or hourly payroll increases, consider applying the extra to your mortgage. Since you're used to a certain budget, you most likely won't miss the extra money going towards the mortgage.

5. Use your tax return
Use your refund to pay down your mortgage. Using all or a fraction of your tax returns would help pay off the principal, decreasing your interest payments come renewal time.

I hope you found these simple tips on how to pay off your mortgage faster helpful! If you have any questions about any of these, please feel free to ask in the comment section.

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