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Pay Off Mortgage Faster

Consider this – if you pay your mortgage off sooner, you could save tens of thousands of dollars on interest over the life of the loan, have an easier retirement, and free up your money for other things. Read on to see if paying off your home loan sooner than later is right for you.

Tips to Pay Off Your Mortgage Faster

There are several ways to pay off your mortgage faster. Here are a few:

  • Pay extra on your mortgage principal each month
  • Make additional payments on the principal when you can
  • Refinance into a new loan with a shorter term

Let’s look at the advantages of refinancing to a shorter term.

How a Shorter-Term Mortgage Can Save You — Big Bucks

It’s simple — the longer you take to pay off a loan, the more interest you pay. If you take a $100,000 loan and spread it over 15 years, you’ll pay less interest than if you stretch it out over 20 or 30 years.

Currently, we have historically low-interest rates. So, the shorter terms of 10, 15, and 20-year loans are now affordable.

Advantages of Paying Off Your Mortgage Quicker

If your goal is to pay your mortgage off faster, refinance to a shorter-term and experience these advantages.

  1. Retire Without a Mortgage — if you’re looking to retire within the next 10 to 15 years, it’s essential to have your monthly budget fit within your retirement income. When you don’t have a mortgage payment, that will drop your overhead substantially.
  2. Free Up Your Money — Without a mortgage, you’ll have more discretionary income for traveling or whatever you choose.
  3. Increase Your Net Worth — When your mortgage is paid in full, your net worth is increased. All the equity in your home is yours — not the banks.
  4. More for the Kids — Do you have the goal of leaving your children your home? Paying it off early ensures they’re not burdened with mortgage payments.

What Are My Choices?

Give us a call, and we’ll go over your options. We can compare different loan terms and payments to see what you’re comfortable with.

Refinance to a Shorter Term & Save

Consider refinancing your mortgage if you’d like to save money on interest and pay your mortgage off faster. See what our clients have to say about refinancing with Homestead.

Why Homestead?

 

Homestead is a top lender of mortgage loans for purchasing and refinancing. Your loan advisor can walk you through every step of the way to qualifying for a mortgage. Our rates are some of the lowest in the states we serve. Our loan advisors provide excellent service, as you can tell from our reviews. Plus, we close fast!

Why Homestead?

 

Homestead is a top lender of mortgage loans for purchasing and refinancing. Your loan advisor can walk you through every step of the way to qualifying for a mortgage. Our rates are some of the lowest in the states we serve. Our loan advisors provide excellent service, as you can tell from our reviews. Plus, we close fast!