Pay Off Your Mortgage Earlier – 4 Tools
Do you have a 30 year mortgage?
I would like to suggest that you pay it off early.
Do you realize how simple it really is?
Here is the problem. By the time that term of 30 yrs is up, the amount you will pay is more than double the original loan amount.
If you borrow $100,000 at 6%, you will pay more than double that amount on your 360th payment.
Are you mad yet?
It may be time to look at methods to pay off your mortgage early.
Below are four simple ways to accomplish this task.
Become Debt Free Method 1:
Refinance The Mortgage. Refinance to a rate that is lower or a term that is not as long.
For example, many homeowners find that they can shorten to a fifteen or twenty year term and enjoy an interest rate that is not as high as a thirty year loan would be.
This can also mean that the payment is not much higher than the longer term with a higher rate.
Become Debt Free Method 2:
Mail extra principal payment chunks each month.
Every little bit counts. Even small checks work.
Become Debt Free Method 3: Set Up What Is Called A Bi-Weekly Mortgage. All you need to do is pay it every 2 weeks.
Usually your mortgage company can set this up. If not, search the internet for a company that can do it for you.
In essence, you are dividing your payment by 2. By mailing a check every 2 weeks, an extra payment occurs at the end of the year, which is subtracted right off of your loan amount.
The impact of that extra annual payment is huge.
Become Debt Free Method 4:
This is a unique marriage of computer technology and a second mortgage loan that attacks the 30 year loan.
This is not new. There are a few companies that marry these 2 tools.
Many mortgage holders are converting to this system in America. It has been utilized in Australia for many many years.
Explore all 4 of these methods. The bottom line is that you must attack your debt and make every attempt to pay off your mortgage early. I like method #4 best.
Home owners can be mortgage free in 1/3rd the time in many cases and not even change their monthly spending.
Many 30 year loans are being reduced to twenty or even ten years and $100,000 and more are being saved for the homeowners!
I believe this is a key financial strategy of our century.
I had to include it as one of the 3 secrets in my book 3 secrets of millionaires.
Would you rather give several hundred thousand dollars to the bank or keep it to grow in your own retirement account?
Give this one the time it deserves. You will thank me.
Learn how to pay off your mortgage faster. Read the whole book to find out how to retire rich and make money from home.