1. Review Your Payment Schedule: Switching to an accelerated bi-weekly payment plan can add an extra payment each year, reducing your amortization period by several years.
2. Increase Your Payments: Many lenders allow you to increase your payment amount by 10-20% without penalties. Apply any extra funds, like raises or bonuses, directly to your mortgage.
3. Make Extra Payments: Use pre-payment privileges to make additional annual lump-sum payments or increase your regular payments. This can help reduce your mortgage balance faster.
4. Negotiate a Better Rate: Consider refinancing to secure a lower rate, especially if your mortgage is up for renewal. This can lower your overall payments and interest costs.
5. Refinance to a Shorter Term: Refinancing to a shorter amortization period will increase your monthly payments but reduce the total interest paid over the life of the loan.
Note: Not all options are available with every mortgage. Check your agreement or contact me to explore what’s possible without penalties.
For personalized advice on paying off your mortgage faster, let’s schedule a call with me and talk about it!
