Better Alternatives To Accelerator Products
A mortgage accelerator product might seem like a good idea. After all, paying off your mortgage faster can help you save big in interest down the road. Rather than investing thousands of dollars in one of these products, though, there are a number of DIY solutions to paying off your mortgage more quickly. Here are just a few.
- Make An Extra Payment: Deal with your interest more aggressively by making payments every two weeks instead of once a month. This will result in you making 26 payments each year. If you do not want the hassle of paying every two weeks, multiply your monthly payment by 13, then divide it by 12 and pay that amount each month.
- Round Up: By rounding up to the next even $100 increment, you pay a little more money each month that you likely will not notice but can help shave months, if not years, off the life of your mortgage.
- Refinance: Refinancing your existing 30-year mortgage to a 15-year term will increase your monthly payment, but it will likely significantly lower your interest rates. That means it not only shortens your loan term but also helps you save money during it. Just make sure it would not be too great a stretch to take on these increased payments; you would not want to find yourself in dire financial straits trying to keep up with more aggressive payments.
Of course, paying your mortgage off ahead of schedule only becomes manageable if your mortgage is comfortable for your family. To ensure you end up with the right home loan, contact Andraya Coulter. Serving all of Northern California, I am here to serve not just as your mortgage lender, but also as your guide. You can get the best Bay Area mortgage by calling me today!