A mortgage payment is by far the most expensive financial obligation many people have every month. And having a mortgage that is paid off is a distant dream for many people. But with a few simple tips you can pay off your mortgage faster then you thought possible.
First off all the special programs and hyped up methods you see advertised are nothing more then a simple strategy of applying more money, more frequently to your loan. So resist the temptation to buy one of these programs and instead follow the tried and true advice of a free system to pay off your mortgage faster that has proven to work year after year for all borrowers!
Paying Off Your Home Loan Faster
One of the best ways to pay off your mortgage faster is to make additional principal payments. This can be done different ways. Many people opt to add additional money to their payments every month and having it applied to the principal balance. This is a great basic way to get the job done.
However many home owners are also making their mortgage payments bi-weekly. What this does is actually makes thirteen payments for the year instead of twelve. Its quite simple really and can be set up by most banks or mortgage lenders to happen automatically by electronic checking account withdrawals ..
Another option that many people do not utilize is applying any tax returns towards paying off the mortgage faster. If you can make one extra payment a year and apply your tax returns to the principal balance you can pay off a thirty year mortgage in half the time. While not everyone will be able to use tax returns in this manner it works great for those who can.
While there is not a magic formula to paying for your mortgage faster it can be done with consistency and discipline. And as time goes by you will be shocked at how fast your loan balance goes down.