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Equity Direct Funding - How to pay off your mortgage early
- 1. How to Pay Off Your Mortgage Early
- 2. Pay Off the Principle Early The earlier you pay off the principle, the sooner you will have your home paid off Just adding a few extra dollars a month can reduce the term by years Find calculators and more information at Equity Direct Funding
- 3. Get a Shorter Loan Most buyers get 30 year loans 10, 15, or 20 year loans are also available The monthly payments might be higher, but you’ll be done sooner and you won’t pay as much in interest overall
- 4. Refinance You can refinance your loan from 30 years to 10, 15, or 20 years This is a great avenue, especially if interest rates have dropped Find more information here: Equity Direct Funding
- 5. Pay Extra When You Can A few times a year, you get a little extra cash (think about tax time, yearly work bonuses, etc) Put this extra cash toward your home—it’s a lasting investment