Robert Woehrle ...
Robert Woehrle ...
REAL ESTATE UPDATE

  company
       

 



               


5 TIPS TO PAYING OFF YOUR MORTGAGE EARLY



Pinterest




There are many reasons to pay off your mortgage early. If you aspire to enter retirement debt-free, paying off your mortgage could free up a significant amount of your fixed monthly income. Since people are living longer after they retire, it's essential to make your money stretch. Being mortgage-free means not only avoiding that monthly payment but also saving on interest. According to Schwab, paying off your mortgage early is particularly beneficial if you have a high interest rate.

Even if you are not yet thinking about retirement, there are benefits to paying off your mortgage early. Owning your home outright means there is no fear of foreclosure, giving you peace of mind. It also offers a significant amount of equity if you ever need to borrow against your home's value. Regardless of your reason for paying off your mortgage early, there are several simple ways to accomplish this task.






BI-WEEKLY PAYMENTS
Paying off your mortgage in biweekly payments can reduce your 30-year mortgage by up to four years and save you a significant amount of money in interest.


REGULAR EXTRA PAYMENTS
The most important thing to remember when you are making extra payments is to ensure your lender applies the entire amount to the principal of your loan instead of processing it as a regular mortgage payment. 


LUMP SUM PAYMENTS
Making additional lump sum payments to the principal of your mortgage is as simple as it sounds — you simply make a payment any time you have some extra money. This type of random payment can be as small as a few hundred dollars a year.


REFINANCE
If you are paying a loan with a higher-than-average interest rate, you may benefit long-term by refinancing to pay less in interest over the life of your loan. You can also opt to change your loan terms from a 30-year loan to a 10 or 15-year loan, which may increase your monthly payments. If you can afford the higher payments, you will build equity in your home much more quickly while paying it off in half the time.


MORTGAGE RECASTING
When you choose this option to update your mortgage, you retain your current loan and mortgage provider as well as your interest rate and the term of your loan. The benefit of mortgage recasting is to lower your monthly payment, freeing up more money in your budget to pay down debt.
























For more, visit HouseDigest.com

  





















     
  DID YOU KNOW?
 



   
  We'll eat 1.76 billion candy canes this holiday season  
 
 





View Listing
12766 Mockingbird Lane




NewPanda





Featured Photo

The Acoustic Pearl

 

Stats










 

     
   
     









 

 

         

  box
         




           

  TRENDING



GENERAL NEWS & VIEWS
Feature Photo  
GRANDMA'S CHOCOLATE CAKE RECIPES MIGHT SURPRISE YOU
Leave it to Grandma to dream up these inventive recipes! Each of our top-rated chocolate cakes include secret ingredients you'd only find in her recipe box.
 MORE


Feature Photo  
BEAT THE HOLIDAY SPENDING BLUES
To help you uncover some shopping savings and thrive in an uncertain economy, here are some ways to avoid the holiday spending blues.
 MORE


Feature Photo  
AND THE MOST POPULAR CHRISTMAS SONG IS ...
Our official ranking of the 10 most popular Christmas songs. Chances are, you've already heard all of them at least a dozen times this season, proving that holiday hits are truly the gifts that keep on giving (to songwriters, at least).
 MORE




INTERESTING READS


Feature Photo  
THE NEW RULES OF MONEY
Our lives have changed. Our careers have evolved. And the investing landscape looks nothing like it did a few years ago. Here’s how to find the success you deserve.
 MORE


Feature Photo  
10 HORRIFYING HOME DESIGN TRENDS OF 2022
Every year, there are new and evolving home design fads that should “scare” you to death. This year, it’s the “cloffice” - a pandemic-era closet-turned-office - and many others.
 MORE


Feature Photo  
CHERISH YOUR MEMORIES WHILE SAVING SPACE
One of the our biggest emotional blocks against reducing clutter is nostalgia.
 MORE






 
           




         

 
 
Robert Woehrle ... 
415-287-9100 sdddd t w
robert@woehrle.com
ccd jjj 20 u

         



       


                   

   



 
Robert Woehrle ... 
415-287-9100 sdddd t w
robert@woehrle.com
ccd jjj 20 u




   



   



 
Robert Woehrle ... 
415-287-9100 sdddd t w
robert@woehrle.com
ccd jjj 20 u