Do you have a 15-year, 30-year, or soon-to-be mortgage with your name on it? Are you waiting for the day when you can kiss your mortgage goodbye and gain access to the almighty mortgage release or mortgage satisfaction documents from your lender?
No matter how long your mortgage term is, you have the power to end your relationship with your mortgage obligation whenever you are ready to commit to a payoff plan. All you have to do is identify your target mortgage payoff date and work backward to figure out what you have to do now to make it happen.
Ready to get started? Here are 3 ways to pay off your mortgage faster and get on track to achieving mortgage freedom.
1. Review Your Finances to Determine What You Can Afford
When people go through the mortgage approval process, they typically depend solely on the lender to tell them how much “borrowing power” they have based on the financial information that has been presented. Many people don’t take the extra step to determine how much house they can actually afford based on the goals they have and the life they want to live.
You May Also Like
Do yourself a favor and do a thorough review of your assets, liabilities, income, and expenses (or hire a financial coach) to figure out how much you can comfortably spend on a home to avoid being stuck with an extended mortgage period.
Buying a home below your means will give you a good financial cushion to be able to make extra payments throughout the year.
RELATED: 3 Personal Finance Tips To Help You Shed That Debt
2. Consider Bi-Weekly Mortgages Payments
Do you want to know how you can make more payments towards your mortgage every month without increasing your sources of income or decreasing expenses?
Here’s a mathematical goodie that you should be aware of: make bi-weekly payments.
You May Also Like
Instead of making one payment per month, you can make half of your monthly payment every 2 weeks and you’ll
