Are you interested in paying off your mortgage faster? Looking for a mortgage broker near me is a great place to start, and you can also consider the following tips if you want to pay off your mortgage early:
Make Extra House Payments
A biweekly payment plan can help you make extra payments. You will end up making 13 monthly payments per year instead of 12, and this extra payment can knock off a few years off your mortgage and save you thousands of dollars in interest.
Check with your mortgage broker before making extra payments because some companies will only accept this step at specific times, and you should always confirm this information.
Trading in your current mortgage for a better loan with a lower interest rate and a shorter term can help you pay off your mortgage faster.
A shorter term may come with a bigger monthly payment, but if your income can handle it, you will pay off your mortgage quickly and will not have to wait 30 years to own your home!
This step is not for everyone, but if you are adamant about paying off your mortgage fast, you can consider selling your larger home and using the profits to buy a smaller, less expensive house.
A smaller mortgage will help reduce your debt, and you will be able to pay it off quickly. The smaller your balance, the easier it will be to crush your mortgage fast!
Use Unexpected Income Towards Your Mortgage
Whether it’s a year-end bonus, tax returns, or extra money you make from a pay increase, use this unexpected income towards your mortgage to pay it off faster.
This is especially great if such income was unexpected because you won’t have plans for it and can submit it straight towards your mortgage plan.
Talk To a Reputable Mortgage Broker Near Me
The right information will prevent penalties, and you will feel confident about making extra payments towards your mortgage.
Talking to a mortgage broker is a wise choice as they will provide you with professional recommendations. They will help you get on the right path, and their tips will help you pay off your mortgage sooner.
In conclusion, paying off your mortgage faster is an achievable goal with the right strategies. By making extra house payments, refinancing, downsizing, and using unexpected income towards your mortgage, you can accelerate your journey to mortgage-free homeownership. It’s important to consult with a reputable mortgage broker near you to ensure you have the right information and guidance throughout the process. Take control of your mortgage and secure your financial future by implementing these strategies today.
If you’re looking for a reputable mortgage broker in the Fort McMurray area, Dominion Lending Centre can help you determine whether or not you are in a position to proceed this way. We will help you make informed decisions regarding your mortgage, and you can contact our office at any time to discuss your mortgage needs and the services that would be best for your situation.
Remember, paying off your mortgage faster brings you closer to owning your home outright, and can save you a significant amount of money in interest payments over the long term. Take action today and start your journey towards a mortgage-free future.