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Think-Twice-Before-You-Opt-For-A-Mortgage-That-Ext57

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Think-Twice-Before-You-Opt-For-A-Mortgage-That-Ext57

  1. 1. Think twice before you opt for a mortgage that extends fifteen, twenty or even twenty five years. Instead, check a mortgage calculator and shoot for a ten-year mortgage to start. By tightening your belt and cutting back on extras, it is even possible to be mortgage free in five years or less. How can this happen? In most instances, it helps if youve made a large down payment on the home in question, and received a good loan rate.remortgage calculator
  2. 2. The best way to pay off a mortgage early is by paying extra on your monthlymortgage payments Using a mortgage calculator, you can determine howmuch your mortgage payments will be for the life of your loan Making extra,regular payments every month can save you tens of thousands of dollars overthe life of your loan If you can save $25 extra a month, and apply $100 extra amonth to your mortgage payment, you can save about $80,000 in interestpayments on a $120,000 mortgage! In addition, using the aid of a mortgagecalculator, you can reduce your loan by ten years! Apply the same basicswhen you start with a ten to fifteen year loan and using the same principles, itis possible to pay off your mortgage and become mortgage free years beforeyou thought such an event was possible
  3. 3. If you cant spare $100 a month, even $50 or $25 will help to pay your houseoff early Adding an extra $50 to your payment will save you roughly $52,000Not exactly chump change, is it? In addition, with those extra payments, youllknock between 5-6 years off your mortgage Only have about $25 a month tospare? Youll still save an amazing $30,000 and take off a year on yourpayments
  4. 4. Finding the extra change is something that most homeowners can do if theycut out going out to dinner every week to once a month Instead of purchasingmeals in restaurants every day at work, try brown-bagging it And instead ofcoveting that new car in the lot on the corner, save to pay off your mortgagefirst Living mortgage free will enable you to enjoy those extras, in addition toobtaining peace of mind, less stress worrying about retirement and health carecosts, and enable you to own your house free and clear
  5. 5. You can use a somekeyword to play with the numbers, and figure out howmuch extra will save you over the life of your loan With house appreciation,you may be able to reap even greater benefits if and when you decide todownsize You can use the money youve made on the sale to buy a smallerhouse outright, leaving your mortgage-due days behind forever Even if youcant be consistent in paying extra every month, try to pay more than theminimum due whenever possible
  6. 6. Make up for short months when you can Even if you like to write off yourinterest during tax time, youll benefit more by paying your loan off early andliving mortgage free Home mortgage interest tax breaks may net you about$6,000 in write-offs, but being debt free is, well, priceless A mortgagecalculator will help you to determine exactly where you stand remortgagecalculator with your mortgage
  7. 7. Even if youve been paying the minimum payments on your mortgage foryears, theres no reason why you cant start paying extra now If possible, try torefinance to a lower interest rate, if it doesnt kick up your loan too much Inaddition, make sure that your mortgage lender wont penalize you for earlyprepayment and find out if they have a cap for the most you can pay over theminimum due amount
  8. 8. Even though you have a mortgage, doesnt mean it has to own you You cantake charge of your mortgage and live mortgage free with a little discipline, alittle patience, and a few extra bucks every month
  9. 9. remortgage calculator

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