Answer: Paying your mortgage off the traditional way takes 25 to 40 years and costs about TWICE the purchase price of your home. Here are some effective ways to pay off your mortgage sooner, build equity faster and save thousands in interest.
- Change your payments. Simply increasing your payment frequency to bi-weekly or weekly costs nothing and can save thousands of dollars over the life of your mortgage.
- All-in-one mortgage. Instead of making extra payments, consider switching to a mortgage that pays off the principal faster without costing you anything more.
- Merged account mortgage. If you'd rather not refinance your existing mortgage to switch to an all-in-one mortgage, consider a merged account mortgage. This system uses your existing mortgage (any type of first mortgage will work), and advanced line-of-credit (ALOC), and specialized software that makes a connection between your bank account, ALOC, and mortgage.
For more information, and help to decide which one of these options is the best way for you to become mortgage-free sooner, call us today for a free analysis at (905) 529-1199.
No comments:
Post a Comment