Last week we noted that homeowners have much to gain by paying off their mortgage as quickly as possible.   By paying down extra principal in the early years of a mortgage, you can dramatically lower the interest you’ll pay throughout the life of the mortgage.  Here are some additional tips on how to make this happen: 

Tip #5: Make use of double-up privileges wherever possible

Tell yourself that you will "skip-a-payment" whenever necessary ... then skip only when you absolutely must.

Tip #6: Round your payments up

By adding even a nominal amount of say, $10 per payment, the amount of interest you are saving will be unbelievable, and the extra money relatively painless to part with.

Tip #7: Pay a lump sum whenever possible

By decreasing the principal of the mortgage, your payments will not be allocated as much to interest, thereby accelerating the end of your mortgage. 

Tip #8: Keep payments the same when mortgage rates have fallen

If the payment amount has not been a problem so far, then keep it the same, thereby paying down the principal faster.

Tip #9: Raise payments in line with increased income on an after-tax basis

If your income increases, don't keep your mortgage payments the same. Although the disposable income may be fun to spend on unnecessary luxuries in the short-term, the long-term benefits of being mortgage free faster a far outweighs the short-term sacrifice.

Call an Invis Mortgage Consultant today for expert advice on how to pay off your mortgage sooner.