What would you do if you won the lottery? Pay off your mortgage? Certainly that would be a wonderful thing to happen to many! However, non-winners will continue to have to pay monthly mortages.
But do you have to be stuck with that 30 year mortgage you signed? Not necessarily. There are a couple of things you can do to shorten the loan term for your home.
1. Make extra monthly payments. For example, making your regular loan payment, but add and extra $100 dollars or more toward your principle. Make sure you designate that extra payment as the principle payment only, as the mortgage company will just apply it to your regular monthly payment.
2. Use monthly/yearly bonus checks.Apply your bonus checks to extra principle payments.
3. Make an extra house payment each quarter.
4. Round up your payments so that your paying a few extra dollars each month.
Making extra payments according to your budget can help knock a few years off your loan term. Use anextra payment calculatorto see your savings.
Contact Sheri Jones today for all your real estate needs!!
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