You
don't have to go to extreme lengths to pay down your mortgage
quicker. It may seem impossible but there are manageable ways to pay
down your Boston
home's mortgage without feeling financially overwhelmed. Here are
three options to pay down your mortgage that won't sting so bad.
Make
an extra payment now
It
seems obvious to make an extra payment when you can. But, you can
benefit the most when making the extra payment in the beginning of
the year. The earlier you pay down in the year, the less interest
you will accumulate throughout the year. Depending on your current
loan it is possible to shorten your mortgage payoff by a few years.
Refinance
Consult
your mortgage lender about refinancing. If you've owned your Boston
home for several years you could benefit quite well from a
refinance. Rates are low enough that you could save enough on your
monthly payments to either invest back into your home or to help make
those extra monthly payments. Make sure to consider shortening the
loan term during your refinance. Depending on your current rate you
may keep a similar monthly payment but shorten the duration of the
home loan in half.
Round
up your monthly payment
Check
out your monthly budget and see if you have room for an extra 100-200
dollars to go toward the mortgage each month. Don't worry about
exact numbers and round up your payment to the next $100. For example
if your monthly payment is $1830, round up to $1900 or more, if you
can afford it. The little bit each month will eventually shave years
off of your mortgage.
I hope
you can utilize these manageable ways to pay down your Boston
home's mortgage early without too noticeable of a dent in your
bank account. If needed, start small and see how it affects your
monthly budget. Please
know I am only a click
a way if you have any Boston,
MA real estate needs. I look forward to hearing from you soon!
Lucas
Garofalo
Keller
Williams Realty
(617)
861-3631
Lucas@LucasBostonHomes.com
Connect
with me:
No comments:
Post a Comment