Top 3 Ways How to Pay Your Mortgage Down Faster While Growing Equity In Your Home!
In order to fully understand how to pay your mortgage down faster, it’s helpful to understand your relationship with your loan. When it comes to managing your mortgage, there are two types of people. I am the first type.
So, what does this have to do with how to pay your mortgage down faster? Everything!
Both types of people, the set it and forget it and the thrill-seeking balance checker, likely are making one monthly mortgage payment a month, twelve months out of the year, and then go about their daily lives. Their amortization schedule aligns perfectly with their loan balance. We're here to help you change the game. Follow these tips and you will pay down your mortgage faster and will constantly be ahead of where your amortization schedule predicts.
Why should you do this? The faster you pay your mortgage down, the more equity you have in your home and the more money you will get when you go to sell your home. In other words, the more you pay towards the principal of your loan (not towards interest or your lender escrows), the less interest you pay, so more money goes towards your equity and less goes to your bank!
Now that you know WHY you should do it. It’s time for the HOW. So, how you ask? It’s easy! Here are some of my favorite ways to pay down your mortgage faster.
Regardless of which of these tactics you choose, they work equally well for both types of personalities. You set it & forget it, while watching your balance improve over time. It’s a win-win!
If you’re thinking about making a move in the near future, we are happy to walk you through which options make the most sense for your specific situation, whether you are buying your first home, moving up, downsizing or anything in between. Reach out below!
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