realtyreport
Smart, Simple Mortgage Solutions
Home ownership, for most of us, means a lengthy mortgage. While you know that a home loan is necessary, wouldn't it be nice if you could pay off your mortgage faster, freeing up your money for home improvements, your children's education, your retirement fund, or all the other dreams that you need financing for? If your answer is "Yes," then it's time to sit down with a mortgage broker and talk about your current mortgage situation. Up for discussion:
- INCREASING THE FREQUENCY OF YOUR PAYMENTS. If you get paid every two weeks, why not make biweekly mortgage payments instead of one big monthly payment? You could reduce the term of your loan and save hundreds of dollars in annual interest costs!
- DECREASING THE TERM OF YOUR LOAN. If you can afford the higher payments, choose a shorter mortgage term and pay substantially less interest over the duration of the loan.
- PAYING AS MUCH AS YOU CAN. Don't pay more than you can comfortably afford. However, if interest rates decrease when it's time to renew your mortgage, for example, then keep your mortgage payments the same, allowing more money to go directly to your principal.
- STRIVING TO MAKE AN ANNUAL LUMP SUM PAYMENT. If you receive a tax refund or an annual bonus, why not apply all "windfalls" directly to your principal? You'll pay off your mortgage faster and reduce your annual interest cost.
Please call today to discuss these, and other smart home ownership solutions.
