4 Ways To Pay Off Your Home Loan Earlier Than Expected

Directing excess cash towards paying down a mortgage means those funds aren’t available for investing. Directing excess cash towards paying down a mortgage means those funds aren’t available for investing..

 · If paying off your mortgage early is your aim, always ask if your lender allows prepayments, without penalty. You don’t want to pay toward the principal and get penalized for it. Also be sure your extra money is being put toward the principal, rather next month’s mortgage payment.

According to the IRS, the average tax refund is around $3,000. If your refund tends to be in that average range, that will be a more effective way of paying off your mortgage than making extra mortgage payments, or even increasing your monthly payment. But there is another great benefit of paying your mortgage off early.

Paying off your mortgage early frees up that future money for other uses. While it’s true you may lose the mortgage interest tax deduction, the savings on servicing the debt can still be substantial. Besides, the closer you get to paying off the loan, the more of each monthly payment goes to principal, decreasing the amount you can deduct.

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Paying off your mortgage fully can seem like a mammoth task. But with the right attitude and strategy you can chip away at it a lot faster. We explore some practical ways that can help you wave goodbye to your mortgage sooner than expected.

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So even if you live to be 110 years old, you’ll still be receiving more each month by waiting than if you’d claimed benefits early. loans, and credit card debt, you’ll have significantly more cash.

Boneparth points out that if you have a mortgage rate near 4 percent but you can get a 6 percent to 7 percent return on a diversified investment portfolio, paying off your mortgage early won’t.

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But another option that has grown in popularity is personal loans. With a personal loan, you may be able to secure a fixed.

4 Ways to Pay Off Your Mortgage Early Without Breaking the Bank The great part of each of these 4 methods to pay of your mortgage early, is you can do it anytime you want. If there are months or years where you can’t make extra payments, you can decide to stop making the the additional payments without jeopardizing your mortgage.