Contact us to show you how much you can save by making additional payments on your mortgage.
- Make a double mortgage payment whenever you can – Doing this once a year, can shave over 4 years off the mortgage! If you payment is $2,000 a month, four years of no payments is $96,000!
- Increase frequency of payment. For example, going from monthly to accelerated bi-weekly can shave over three years off your mortgage! $2,000, three years of no payment is $72,000!!
- Increase your payment. A one-time 10% increase can shave 4 years off the mortgage!. That’s $96,000! If you bumped the payment 10% every year from the start, you would be mortgage free in 13 years! If you cannot do this, how about 5% every year… you would be mortgage free in 18years!
- Making lump sum payments is the same idea. Even just one payment a year equivalent to 1 monthly payment will you similar results as #2 above! Use our mortgage calculator to see the impact of any principal prepayments. (https://clientfirstmortgages.com/mortgage-calculator/
- Let us help you renegotiate whenever rates drop, to save interest and pay your mortgage off faster! We will do a cost benefit analysis to make sure it makes sense for you at that time. A 1% reduction on a $300,000 mortgage will save $250 a month… times 5 years… $15,000!
- Keep your credit rating high for best rates. Always pay on time. Never let payments slip past their due date. Always keep balances low in relation to credit limits on credit cards. Lines of credit etc. 50% or less is best even if you pay the balances in full every month!
