Ways to Pay Off a Mortgage Early to Save A LOT of Money
There are a lot of ways to pay off a mortgage early or quicker than the agreed upon terms. Below are several ideas to consider when trying to pay off a mortgage.
Refinance to a shorter term mortgage:
10 & 15 year terms offer lower rates than 20 or longer terms and will help save a lot of interest over the life of the loan. Make sure that the costs compared with the savings and the time expected to keep the mortgage makes financial sense (breakeven point). The higher payments helps pay off a mortgage early which means huge potential savings!
Cancel PMI (private mortgage insurance) ASAP
- Certain loans require the PMI or annual