I think everyone agrees that the idea of being mortgage free feels wonderful. No mortgage obligations and you own your home out right. Pretty good, right?
To pay off your mortgage faster, you should have useful tools built into your mortgage. These 'tools' aren't provided by every lender because lenders want to make money. Their main priority isn't finding a way for you to pay off their loan faster and pay less interest.
As the articles states, here are some tools to look for:
- Lower interest
- Prepayment privileges
- Increased payment frequency
As we have learned through the years, mortgage terms can be vague. It's important to work with someone that reads mortgage contracts for a living. This way, you can do what you need to do to become mortgage-free sooner.
Contact my office today if you have any specific questions about your mortgage term. I'd be happy to help!
Click on the article to read about how a young man became mortgage free.
By: Sarah Colucci
Senior Mortgage Agent, Lic. M14000929