The Arizona Republic, a Gannett company, published an article reviewing 5 proven ways to pay off your mortgage more quickly.
With just 1 of these methods, you can pay off your mortgage more quickly and save thousands. But if you combine 2 or more of these strategies, you can greatly speed up the payment of your mortgage and save many thousands of dollars.
1. Make biweekly payments.
2. Make monthly prepayments to principal.
3. Make an extra payment at the same time each year.
4. Refinance to a lower interest rate if you can.
5. Refinance to a shorter term.
Read the Arizona Republic article: 5 ways to pay off your house more quickly.
If you haven’t refinanced since rates significantly dropped, you may be able to save money by refinancing at a lower rate. This could give you some options to pay off your mortgage more quickly.
Please contact us when you are ready to explore your mortgage refinancing options.