Ways to Pay Off Your Mortgage Early

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Nobody wants to be in debt. Paying off your
mortgage early can give you peace of mind and
relieve you of your stress. Mortgages should be
taken seriously and paid within a stipulated
time. Failing to pay your mortgage can lead to
foreclosure. It can negatively impact you and
your family members. To pay off your mortgage
early, you need to know what you should be doing.
Paying off your mortgage early can help you save
on the interest. Following is valuable
information that will help educate you on ways to
pay off your mortgage early-
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Refinancing to a shorter term will help you
complete the loan a lot faster, and youll also
pay a lot less interest.

Calculating with a mortgage calculator will help
you to know how much you would have to pay for a
specific year after refinancing.

If the monthly payment for a specific year
refinancing is more than you can afford, consider
increasing the loan term instead.

• 1. Refinance to a Shorter Loan Term

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Always pay a little extra each month as an extra
principal payment

Paying down a little more as extra principal can
save you on the interest charges and enable you
to pay off the loan before the actual term is up.

• 2. Make Extra Principal Payments

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Instead of making a single monthly payment, make
a half-sized payment once every two weeks.

It will help you save on the interest and allow
you to pay off the loan early.

• 3. Make Bi-Weekly Payment

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Use your tax refund, a bonus from work, or a
gifted money from your relatives for an extra
mortgage payment. Youll pay off your home loan
faster.

Utilizing unexpected money for a monthly payment
will help reduce the mortgage term.

• 4. Invest Unexpected Money into Your Mortgage

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Are you looking for mortgage companies in
Massachusetts to help you with refinancing? Drew
Mortgage Associates is a Boston mortgage lender
that can help refinance your mortgage to a lower
rate or reduced term that best suits your
financial goals. If you want to know more about
how to pay off your mortgage early, read
at- https//www.drewmortgage.com/tips-to-pay-off-m
ortgage-early/
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DREW MORTGAGE BRANCH OFFICES
Drew Mortgage Associates 196 Boston Turnpike
Road Shrewsbury, MA 01545 Phone
508-753-1656 Website https//www.drewmortgage.com
/
Peabody Mortgage Lenders 1 Mt Pleasant
Drive Peabody, MA 01960 Phone [phone]
Boston Mortgage Lenders 232 Commercial St Boston,
MA 02109 Phone [phone]