26 March 2013
Mortgage 101: how to pay off mortgage faster
If you’re planning to get a mortgage, it’s very important to understand how to shorten the length of your mortgage and reduce the total cost of borrowing, as it can save a lot of money.
It’s obvious that there are many advantages of paying off your mortgage faster. In the end, you can direct your saved money for other needs, e.g. the education of your kids, retirement accounts or an emergency fund.
- 1. First of all, try to make as many mortgage payments as possible.
Talk to your mortgage professional and see how much you’ll save by choosing weekly or biweekly payments instead of usual monthly. By making more payments you’ll save hundreds of dollars in the total annual interest costs…