Payoff Your Mortgage Fast

Want to know how to pay off your mortgage fast?

Rather than paying your mortgage once a month, switch to biweekly payments.

In theory, you will be paying the same amount each month. However, there are 52 weeks in a year which would be 13 full-sized payments per year through biweekly payments, versus 12 payments per year with traditional monthly payments.

Example:

30-year $200,000 mortgage at 5% interest

Making biweekly payments saves you $34,328 in interest and decreases your number of overall mortgage payments which leads to paying your mortgage out in full almost five years earlier versus traditional monthly payments! Knowledge is key and I’m here to help answer all your mortgage related questions.

Pay More Towards the Principle

Whenever possible it a good idea to pay towards your mortgage loan principal. By doing so, you allow less interest to accrue, and this will allow you to payoff your mortgage fast. I mean, we spend money on eating out, the Starbucks trips, buying unneeded items, and the list goes on. Its wiser to apply those funds to payoff your mortgage loan, this way you will eventually have a paid off home which you can convert to an investment property and have a stable monthly income which can help you acquire another property. Real estate is the most secure investment one can acquire and if done right, you can retire early. The more investment knowledge you have, the better you’ll set yourself and your family up for a successful financial future.

Interested in getting more mortgage tips from me on how to pay off your mortgage early or any other mortgage realated tips and tricks? Contact me! I’m always here ready to help you and your family build generational wealth through real estate.