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Today’s topic is all about paying off your mortgage aggressively. We’ve got some great tips for you today that will help you pay down that mortgage at a much faster rate. These are simple tips, but will greatly shorten the length of your loan and therefore, cut down on a lot of interest.
1. Make a 13th payment.
Making just one extra payment per year is a great idea. Making that 13th payment can cut the length of your mortgage by up to 7 years!
2. Round your payment up.
Rounding your monthly payment up to the nearest $100 increment is inexpensive and smart. Let’s say your payment was $1440. Paying that extra $60 to make it $1500 will accelerate paying off your balance and it probably won’t affect your budget.
3. Utilize funds from smaller balances as you pay them off.
Imagine you have a credit card with $3,000 on it and you’ve been paying it down by $200 monthly increments. Once that balance is gone, you can add that same $200 back into your mortgage without it affecting your budget at all.
4. Use the refund from your impound account and apply that to your balance.
We hope these tips help you pay down your mortgage faster. If you have any questions, or want some advice on paying down your mortgage, give us a call or send us an email. We are here to help!
Great ideas!!:-)
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