This short article will discuss how to pay off your mortgage sooner and become mortgage free.
Change Your Payment to Biweekly or Weekly:
If you are wondering how to become mortgage free sooner, think about changing your payment from monthly to biweekly or weekly. In doing so, you are adding one extra payment every year. This can make a huge impact as the extra payment goes towards the principal and you can pay your mortgage off by as much as four or five years sooner.
Round up Your Payment:
If you want to pay your mortgage off soon, always try to round your payment. For example, if your biweekly payment is $612 dollars, try rounding this up to $650. The extra $38 goes towards the principal and can easily shave off years from your mortgage, thereby helping you pay off your mortgage sooner.
Make Lump Sum Payment:
In wanting to pay off your house quicker, if you get a bonus or unexpected money, always try to use the pre-payment privileges on your mortgage. Check your mortgage document to see how much you are allowed to pay every year, and this can help you become mortgage free ahead of time.
I hope you found this article about ‘how to become mortgage free’ useful and hope it helps you pay off your house sooner. Please feel free to leave comments and like the article. For more information, tips and tricks, simply visit my blog or contact me if you are looking for a Toronto Mortgage broker.
