Want to pay off your Mortgage early?

Homeowners not wanting to refinance into a new 30-year loan, and intending to pay off their mortgage loan early, should consider making biweekly payments rather than monthly mortgage payments. Sending in half the monthly payment every two weeks instead of once a month will cancel out years of mortgage payments later on because it speeds up paying off the principal. A homeowner who makes biweekly payments on a $500,000, 30-year, fixed-rate loan with a 6.5 percent interest rate would shorten the loan by five years and pay $150,000 less in interest over the life of the loan.

Doug's take: this is an excellent technique for homeowners to take with their mortgage. In fact, some lenders have payment programs available that make this even easier. Ask your lender today if a twice a month payment plan is available. If not, you'll just have to be organized and make the extra half payments your self. Doesn't cost you anything. Only saves you lots of money!!!

clear skies,

doug

www.BuyWithDoug.com