If you’re one of those dreamers who have always wished to buy a house, finally purchased it and is now struggling to pay a mortgage, then you’re probably imagining the days when the payments would eventually end.
The only way that this vision could come true is to find ways of shortening the term of your loan. These pointers below can help you expedite your payments.
1. Refinance your mortgage.
Did you know that you can use another loan as payment for your mortgage? It might sound like a crazy idea, but it’s a great choice if you want to shorten the term and lower your mortgage’s interest rate.
You can connect with mortgage or hard money lending companies in Miami Dade, FL for options in refinancing to see which can offer you the lowest interest rate possible.
2. Pay as soon as possible.
Don’t wait for an email or text message reminding you to submit your mortgage payment before you actually do so. If you already have the finances to spare, then pay as soon as possible.
The earlier and faster you do, the better chances you have of avoiding penalty fees. As a rule, it doesn’t hurt to take the initiative.
2. Pay extra.
If you pay more than what you’re supposed to each month, you’d be able to pay off your mortgage faster. You could do this through paying twice per month or an extra month every year and rounding up the amount that you pay then putting whatever you save to your loan.
Just make sure to check if you’re allowed to do this and if there are any fees for early repayment.
By being committed, paying extra and refinancing, you can free yourself from your home loan much earlier than you expected.