October 13, 2006, Newsletter Issue #36: Paying Off Your Mortgage Loan Early
Tip of the Week
Most mortgage loans that are written today have very long terms. When you think that you will be paying on your home for 30 years before you truly own it, it is a tough pill to swallow. There are ways that you can pay off your mortgage loan early, and here are a few tips on how.
First, make sure that a good portion of your monthly payment goes towards your principle mortgage loan amount. Many current mortgages pay most of the money, if not all of it, towards the interest that is ever-accruing. The more principle you pay, the faster you will pay off your mortgage loan. Also, make at least one extra full payment a year.
When you think that an extra full payment will all go towards your principle, you can find that you quickly shave 5 years off a thirty year mortgage loan. If you can, make more than one extra payment a year and you will exponentially speed up the pace towards owning your home, outright. Get debt free as fast as you can without sacrificing your style of living. Small steps in paying off your mortgage loan will make for one great stride in the end.
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