Every person with a mortgage wants to pay as little interest as possible. Here’s an article about paying off your mortgage faster and paying less interest. The following contains 4 ways to pay off your mortgage faster.
We’re not talking about saving a few pennies a month. We are talking about saving thousands of dollars in interest that goes directly into the coffers of real estate lenders. Every dollar saved in interest is an extra dollar for you and your future plans.
There Are Several Options Available to You to Pay Off Your Mortgage Faster:
1) Taking advantage of early repayments during the term of your loan. These repayments will reduce the interest costs as well as the duration of the loan.
2) By increasing the amount of your monthly payments. This will apply a higher amount to your capital, reducing overall costs.
3) By changing your monthly payment with accelerated weekly or 2-week payments. This will allow you to reduce the repayment of your loan by several years.
4) You could also reduce the remaining term of your loan at the time of renewal. This will result in an increase in your payments, but will result in significant savings in interest costs.
As you can see, there are several alternatives that allow you to pay off your mortgage faster, thereby minimizing the interest you pay.
Don’t hesitate to contact me for more details!
The content of this publication is subject to exclusive copyrights in favour of Planiprêt – Mortgage Agency, which reserves all rights to it.
Kevin Naboulsi, Mortgage Broker Planiprêt – Mortgage Agency
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