How can you pay down your mortgage faster so that you can own your home debt-free? Today I’ll share two great ideas you should look into when it comes time to purchase your next home or refinance your current one:
1. Make one extra payment every year. Did you know that by making one extra payment on your 30-year mortgage every single year, you could actually pay off your mortgage seven years faster? If you do this, you’ll also end up paying a lot less in interest over that time.
2. Make sure you know the difference between a 30-year mortgage and a 15-year mortgage. Many will typically go for a 30-year mortgage because they think they’ll be in the house long-term, but did you know that on a $500,000 house, you could save almost $160,000 on interest payments by switching from a 30-year to a 15-year mortgage? Now, if you do this, the monthly payments will be a little bit higher, but at the end of the day, you could save hundreds of thousands of dollars that could be money going right back into your pocket.
If we can help connect you to one of our trusted lenders to help you slay the mortgage monster or if you have any questions, you should absolutely feel free to reach out to my team. We’d love to help you out. We hope to hear from you soon!