Do you own property? Do you live in your own home or business residence? If you do, wouldn't you like to pay the mortgage off in a timely manner? Paying it off early will build your credit and keep you from giving your dollars to excessive interest rates. It will also enable you to have more cash later in life, more cash for your retirement fund or savings account, and less worry about how you'll continue making credit payments if your circumstances change. It will also give you more room to do renovations and focus on owning other things. |
There are several different ways to pay your mortgage down more quickly. The first is this: make bi-weekly payments. When you make payments every two weeks or with every paycheck, you end up, by the end of the year, having made one additional full payment. If you pay one dollar a month, at the end of the year you'll have paid twelve dollars.
If you pay fifty cents every two weeks, by the end of the year you've paid thirteen dollars. Use the same calculation for your mortgage payment and you'll see. If your company doesn't allow this, put biweekly payments in to an account and just use that account to pay your finance. This way you'll avoid fees by paying every two weeks.
If you're in a good financial position, there are two things to do: 1) overpay every month by ten percent or 2) pay double your premium every chance you get. The more you pay, the less you're paying in interest. This will allow your premium to go up and the interest to go down. The less interest you have to pay, the more quickly you'll have something paid off.
If your financial position is more along the lines of a fixed income, then you can take any extra money you get (birthday or holiday money, a bonus or tax refund, any rewards you may get from credit cards) and put this on your mortgage as well. This way is nice because you're not using any of your normal money, but only "extra" money.
You can also refinance your mortgage to a shorter term, for example, from thirty years to fifteen. This will make your mortgage payment go up but will allow you to pay it off more quickly. These things can all help you pay your loan in a shorter time period which will give you a more secure, stable life.
The real estate in Asheville, North Carolina is worth investing. You can decide to buy property and pay off your mortgage early. This will build your credit. To know more, visit http://www.preferredrealestatecenter.com
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