Four Ways To Pay Off Your Mortgage Faster

Most of us have a thirty year mortgage.

If you answered yes, would you like to pay it off quicker?

It is actually very easy to accomplish.

Why pay all of that interest to the mortgage company over the course of thirty long years?

Read that again. It will cost you $600,000 over 30 years if you borrowed $300,000 originally.

How do you feel about that?

Well, I hope that motivates you to explore ways to pay that 30 year loan off sooner.

Here are 4 strategies on how to pay off your mortgage early.

Become Debt Free Method 1:

Do A Mortgage Refinance. Lock in at a lower rate or shorter term.

By shortening the loan, often you can lock in a lower rate.

This can also mean that the payment is not much higher than the longer term with a higher rate.

Become Debt Free Method 2:

Write an additional check to be applied to the principle each month when you make your regular payment.

It doesn’t have to be much. Send in whatever you can afford. It might surprise you how much impact it can have reducing your loan amount.

Become Debt Free Method 3: Arrange to have a Bi-Weekly Payment Plan set up. Here you will simply pay half the amount every two weeks.

Check with your bank. If they can’t do it, do a Google search. There are lots of banks who can do this for you.

Basically what you accomplish with this method is the payment of a full monthly amount at the end of the fifty two weeks. The bank subtracts this from your loan amount and it is harmless to your budget.

An additional mortgage payment every year really affects your loan amount and helps you pay it off much sooner.

Become Debt Free Method 4:

Use A Software Program that manages a second line of credit or home equity line to systematically reduce the original loan amount.

There are several such systems on the market.

This is a strategy that lots of homeowners are starting to use in the US. Aussies and Europeans have been using this for 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!

This is the best way to pay off your mortgage we have ever seen, perhaps.

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?

Spend some time evaluating this one. It can make a HUGE difference in your financial lifetime.

Learn how to pay off your mortgage faster. Read the whole book to find out how to retire rich and make money from home.


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