If you resorted to taking out a bank loan in order to afford to buy your house, do not despair. The vast majority of all homeowners could only get through the process thanks to a mortgage, and it’s definitely nothing to be ashamed about. But it is quite the expense to deal with every single month. And the most frustrating part is that for the first several years, or even as much as a decade of time you are making payments, you are simply contributing to the accrued interest. That’s why so many mortgage holders look for any possible way to pay off their mortgage before the fifteen or thirty-year term is complete. If you’d like to make that a goal, here are five of the top tips for paying off your home mortgage early.
First of all, forget your mortgage for a little while and focus on paying off the rest of your debt. Regardless of how large your monthly payment on that bank loan is, it’s pretty much a guarantee that if you have credit card debt you’re paying more in interest there than on your mortgage. You’ll have to contribute more to your monthly mortgage payments in order to get rid of them early, but you won’t be able to do that if you’re carrying around credit card debt. So continue making your mortgage payments while aggressively paying off those cards. Once that debt is gone you’ll be ready to focus on the mortgage. Continue reading “Top 5 tips for paying off Your Home Mortgage early”