Tips To Pay Off Your Loan Faster

Dated: 09/09/2019

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For generations, homeowners would buy a home for life. Working over the yearsto make the payments and celebrating the end of the 30-year mortgage weregreat milestones in the family. Today, few homebuyers expect to be in theirhome for longer than 7 years on average. Paying off a 30-year mortgage seemslike an impossible task. Fortunately, there are great ways to pay off your loanwhich do not involve time. Here are a few tips for paying off your mortgage loanfaster.

  • Biweekly Payments – Work with your lender to determine how they handlebiweekly payments. If processed immediately, you can save 8 years ofpayments on a 30-year loan.

  • Extra Payments – By making just one extra payment each year, you can payoff your loan 11 years earlier.

  • Refinance to 15 years – There are great interest rates available formortgage loans. Consider a 15-year mortgage.

  • Principal Reduction – Watch for ways to add to your monthly payment alittle at a time. When possible, increase the principal payment you make.

Paying off your mortgage builds wealth. Consider your life goals, includingretirement. A 30-year loan taken out at 37 years old will not be complete until 67– retirement age. The loan needs to be part of the overall financial plan from thebeginning and making payoff a priority with a few simple steps can add up tohuge savings in interest which can then be used for better investments.

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Jason McLaughlin

Jason has lived in the Golden and Arvada area for more than 25 years attending Golden High School and then later gaining a Bachelors of Science Degree in Organizational Leadership and Emergency Manage....

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