PAY OFF YOUR MORTGAGE FASTER
the Basics of Paying Your Mortgage Faster
For many Americans, the goal of paying off their home and becoming debt-free is a priority. It’s easier than you might think! And the Loan Geeks Home Loan Experts would like to help you get there! There are basically two ways to approach paying off your mortgage faster.
- Refinance your current mortgage into a shorter term mortgage
- Pay additional principle reduction payments on your current mortgage
the Benefits of a Shorter Term
With today’s rates remaining historically low, now might be a great time to refinance your mortgage to a shorter term. The benefits of refinancing to a shorter term may include . . .
- Lower your Interest Rate
- Fixed monthly payment over remaining life of loan
- Save thousands or tens of thousands of dollars in interest paid over the life of the loan!
- Pay-off your mortgage much faster!
the Benefits of Making Extra Principle Reduction Payments
This method of paying off your mortgage faster does not necessarily involve having to refinance your current mortgage, which can save you the costs associated with a refinance. Instead, if your current mortgage allows, you simply include extra monies in with your normal mortgage payment each monthly that then gets applied to your principle balance. Some of the advantages of making extra principle reduction payments to pay off your mortgage faster may include . . .
- Save thousands of dollars in interest paid over the life of the loan
- Pay-off your mortgage faster!
- Does not involve the cost of refinancing.
- Ability to drop monthly payment back down to the minimum required payment in the event of unforeseen financial changes
Which Method of Accelerated Payment is Right for Me?
If paying off your mortgage faster is a priority for you, there are several factors that will help determine which method is best for you. You will need to consider some of the following . . .
- Does my current mortgage have a pre-payment penalty?
- What is my current interest rate and loan term?
- What monthly payment can I comfortably handle?
- What are the costs to refinance versus the benefits of the new rate and term?
- and more . . . .
Contact a Loan Geeks Home Loan Expert to fully explore the benefits of a paying off your mortgage faster and to better determine which method is best for you!
Why You Should Choose The Loan Geeks
- You don’t have to sacrifice Great Service to get Great Rates!
- We are a Full-Service Mortgage Lender!
- We are one of the largest mortgage lenders in the US!
- Our Loan Geeks Home Loan Experts are no more than a mouse click or phone call away from providing you with the answers you need and providing the assistance necessary for a smooth stress-free refinance.
- We offer wide variety of loan programs to meet your refinance needs.
What is my next step?
Apply Online
With our State-of-the-Art Two-X Online Application technology, getting a home loan has never been easier or faster. you will be walked through the application process step-by-step. And the help of a Loan Geeks Home Loan Expert is never more than a mouse click or phone call away.
Talk to a Loan Geeks Home Loan Expert!
If you are not comfortable starting the application process online, no need to worry. A Loan Geeks Home Loan Expert is available to answer all of your questions and get you started! Answer a few quick questions on the contact request and we’ll have a Loan Geeks Home Loan Expert call you.