Are you looking for some easy ways to pay off your Mortgage Loan Navarre? There are a few ways you can do it faster, too!
For homeowners who have no high interest debt, are fully funding their retirement accounts, and have a good amount in savings, there are a few things you could do to help pay off that mortgage early!
Want to speak with an expert? Give Navarre Mortgage a call! (850) 936-0422
How To Pay Off Your Mortgage Easy & Fast
Let’s start with something simple – round up your monthly payments!
Say your monthly payment is $820, try rounding your payment up to $900. The extra $80 goes toward the principal! Most payments go straight towards the interest when you are early in a mortgage.
Next, like the rounding method, try setting up bi-weekly mortgage payments! This will help you cut down on what you owe very quickly, beating the interest rate and paying on the principal.
Give us a call before you start with a payment schedule! We will make sure your extra payments are applied to the principal of the loan and not the interest! (850) 936-0422
Refinancing into a shorter-term mortgage is your next great option. If you have a 30-year mortgage consider refinancing it into a 10, 15 or even a 20-year loan!
If you can afford the higher monthly payment, a shorter mortgage will help you pay significantly less interest.
Finally, can you make an extra mortgage payment every year? Even small additional principal payments add up over time!
On a $150,000 loan for 30 years at 3.75%, with no additional payments you will be paying more than $100,000 in interest over the course of the loan.
By adding just $100 per month in principal payments, you will reduce the total interest paid by nearly $25,000 and the loan will be paid off more than six years sooner!
We Can Help
If you have questions about paying off your Mortgage Loan in Navarre, we’ll be happy to review your current situation and help you determine the best course of action for your unique situation!
Call (850) 936-0422 today!