Your New Year's Resolution: Pay Down That Mortgage Faster!
Among the top resolves on many peoples' list of New Year's resolutions involves their budget – saving money, cutting back on expenses, paying off debts, etc. If one of your resolutions is to try and pay down your mortgage faster, call today to see if any of these options might work for you.
1. Change your payment frequency. If you currently pay your mortgage monthly, here's a way to make an extra month's worth of payments each year without too much hardship: Take your monthly payment and split it in half. Now, pay that amount every two weeks. By the end of the year you'll end up making 26 half-payments, or the equivalent of 13 full payments instead of 12!
2. Reduce your amortization period. The less time you stretch your mortgage over, the less you'll pay in total interest. Ask how a shortened amortization could affect the amount of your monthly or bi-weekly payments, and how much you could potentially save on total interest.
3. Increase your payments. If you received an end-ofyear bonus or a recent pay raise at work, consider applying it toward your outstanding mortgage debt. Even a little extra payment on a regular basis can shave years off your mortgage and save you thousands in interest charges!
Please call today for more tips on how to meet your 2014 financial resolutions!