Why pay all of that interest to the mortgage company over the course of thirty long years?
If you borrow $100,000 at 6%, you will pay more than double that amount on your 360th payment.
Does that anger you?
If it bothers you, check out ways to pay off your mortgage faster.
look at these 4 tools you can use to pay off your mortgage earlier.
Become Debt Free Method 1:
Refi That Loan. If the rate is less refinance the loan. You may even be able to lock in a shorter term.
By shortening the loan, often you can lock in a lower rate.
What if the shorter term, lower interest rate loan had a payment not much higher than the 30 year payment?
Become Debt Free Method 2:
Mail extra principal payment chunks each month.
Every little bit counts. Even small checks work.
Become Debt Free Method 3: Set Up What Is Called A Bi-Weekly Mortgage. All you need to do is pay it every 2 weeks.
Most banks can help you set this system up. If yours can't find a bank that can.
Basically what you accomplish with this method is the payment of a full monthly amount at the end of the fifty two weeks. The bank subtracts this from your loan amount and it is harmless to your budget.
This extra payment can have alot of impact in reducing your loan amount and the time it will take to pay it down.
Become Debt Free Method 4:
Use A Software Program that manages a second line of credit or home equity line to systematically reduce the original loan amount.
There are several such systems on the market.
This is a strategy that lots of homeowners are starting to use in the US. Aussies and Europeans have been using this for years.
Explore all 4 of these methods. The bottom line is that you must attack your debt and make every attempt to pay off your mortgage early. I like method #4 best.
It is helping many homeowners pay off their mortgages in less than half the time and in one third the time in many cases.
Many 30 year loans are being reduced to twenty or even ten years and $100,000 and more are being saved for the homeowners!
This is one of the most important financial discoveries of our time, in my humble opinion.
It is so important that I added it as a chapter in my best selling book 3 Secrets of Millionaires.
Build your retirement and become rich yourself. Don't give it to the banks.
Please do your homework. This one can make you rich.