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Tips to Pay off Your Loan Faster

06/28/2021 by Noelle Cummings Leave a Comment

For generations, homeowners would buy a home for life. Working over the years to make the payments and celebrating the end of the 30-year mortgage were great milestones in the family.

Today, few homebuyers expect to be in their home for longer than 7 years on average. Therefore, paying off a 30-year mortgage seems like an impossible task. Fortunately, there are great ways to pay off your loan which do not involve time. Here are a few tips for paying off your mortgage loan faster.

  • Biweekly Payments – Work with your lender to determine how they handle biweekly payments. If processed immediately, you can save 8 years of payments on a 30-year loan.
  • Extra Payments – By making just one extra payment each year, you can pay off your loan 11 years earlier.
  • Refinance to 15 years – There are great interest rates available for mortgage loans. Consider a 15-year mortgage.
  • Principal Reduction – Watch for ways to add to your monthly payment a little at a time. When possible, increase the principal payment you make.

Paying off your mortgage builds wealth. Consider your life goals, including retirement. 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 your overall financial plan from the beginning, and making payoff a priority with a few simple steps can add up to huge savings in interest, which can then be used for better investments.

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Filed Under: Buyer Tips, Homeowner Tips

About Noelle Cummings

Raised in Walnut Creek, Noelle Cummings understands and appreciates the many unique benefits of living in the Bay Area - with its unmatched beauty, culture, shopping, and marvelous restaurants!

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Noelle Cummings
Realtor®/Realtist® | Cal DRE #01333246
Cell: 925-768-3617

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