Pay Off Your Mortgage Earlier – 4 Tools

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.

All it takes is a little bit of your attention and a few simple actions on your part.

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.

Does that anger you?

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:

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:

Pay Extra Principal Each Month. That’s right. Simply send in an extra check each month, requesting that it be applied to your principal.

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.

Most banks can help you set this system up. If yours can’t find a bank that can.

What happens by making a half payment every 2 weeks is that in 52 weeks you will actually make one full extra mortgage payment, which will be applied directly to offset your principle balance.

The impact of that extra annual payment is huge.

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.

It is sweeping the USA, but has been popular in Australia and England for decades.

While all four strategies can help you to pay off your mortgage early, the last one is by far the most effective one I have ever seen.

Home owners can be mortgage free in 1/3rd the time in many cases and not even change their monthly spending.

You could save 100’s of thousands and pay off that 30 year loan in 20 years or less.

This is one of the most important financial discoveries of our time, in my humble opinion.

I have made it a full chapter of my best-selling book 3 Secrets Of Millionaires. It is one of the secrets.

We no longer have to make the banks rich, by paying thousands and thousands in interest over 30 years. use it for your IRA, instead.

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

Want to find out more about how to pay off your mortgage early. Pick up Mike Koller’s best-selling book for just $9.97, instant download at: secrets of millionaires ,3 simple strategies to retire rich.

Pay Off Your Mortgage Earlier – 4 Tools

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