Payoff your First Mortgage Faster
The majority of those with a mortgage understand the benefit of refinancing to lower their rate and monthly payment, but there are other ways you can save money as well. Shortening the term of your loan will not only pay off the mortgage faster, but you will potentially save tens of thousands of dollars in interest paid to the bank over the life of the loan. Depending on the loan you are currently in, it is possible to shorten the length of the loan and save money on the monthly payments.
We can offer you 10, 15, 20, 25, and 30 year fixed mortgages. Typically the shorter the term, the lower the rate. If your goal is to pay your mortgage off faster, give us a call and we can help you come up with a plan, give you definitive numbers, and possibly save you up to tens of thousands of dollars that you may have otherwise paid to the bank. Our goal is keep as much of your hard earned money in your pocket, and not in the banks.
Other Ways To Save and Shorten The Term Of Your Loan
Not only can you change the term of your loan by refinancing, but you can also make extra payments each year which will shorten the length of the loan. Borrowers with a 30 year mortgage benefit the most when adding extra payments. Adding an extra mortgage payment each year could potentially shorten your loan term by 5 years. Give us a call and we will be more than happy to give you an estimated payoff date based on the additional amount you can afford to spend to reduce your payoff date.