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Four Ways To Pay Off Your Mortgage Faster

Do you have a 30 year mortgage?

If you answered yes, would you like to pay it off quicker?

It is actually very easy to accomplish.

The scary part is this: If you take 30 years to pay off that loan, you will have paid more in interest to the bank than they even loaned you originally!

If you borrow $100,000 at 6%, you will pay more than double that amount on your 360th payment.

Does that anger you?

Well, I hope that motivates you to explore ways to pay that 30 year loan off sooner.

Here are 4 strategies on how to pay off your mortgage early.

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.

This can also mean that the payment is not much higher than the longer term with a higher rate.

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: Sign Up For The Bi Weekly Payment Plan. You will be paying a 1/2 payment every 14 days.

Most banks can help you set this system up. If yours can’t find a bank that can.

In essence, you are dividing your payment by 2. By mailing a check every 2 weeks, an extra payment occurs at the end of the year, which is subtracted right off of your loan amount.

An additional mortgage payment every year really affects your loan amount and helps you pay it off much sooner.

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.

I know of just a few software companies that can help.

Many mortgage holders are converting to this system in America. It has been utilized in Australia for many many years.

While all four strategies can help you to pay off your mortgage early, the last one is by far the most effective one I have ever seen.

What if you could get rid of your mortgage in 1o years instead of 30 years and not even have to change your spending habits?

You could save 100′s of thousands and pay off that 30 year loan in 20 years or less.

I believe this is a key financial strategy of our century.

I have made it a full chapter of my best-selling book 3 Secrets Of Millionaires. It is one of the secrets.

Would you rather give several hundred thousand dollars to the bank or keep it to grow in your own retirement account?

Please do your homework. This one can make you rich.

Looking to retire rich and pay of your mortgage earlier. Read Mike’s best-selling book 3 Secrets Of Millioinaires to find the best advice on how to retire rich with 3 killer strategies you must implement today.

Tags: banking, business, debt, debt management, make money fast and easy, making money, mortgages