3 Ways to shave years off your mortgage
Here are 3 ways to shave some years off your mortgage and get your home paid off quicker.
1) Make bi weekly payments, this is NOT 2 payment per month. If you make a payment every two weeks, you essentially make one extra payment per year.
2) Make one extra payment per year – this one is pretty simple, if you prefer to save and get to the end of the year and didn’t need that money for something else, make an extra principal payment.
Option one and 2 will drop about 7 years off of your 30 year mortgage.
3) Lump Sum payments. Say you have a relative pass and leave you some money or, as most of us do, you get a tax refund, you can always do a principal payment and knock that mortgage down even more.
Hope this helps, keep me in mind if you know anyone moving to Texas or Oklahoma and need to buy a home, send them my way at themichaelmitchell.com
