3 Ways To Pay Off Your Mortgage Quicker

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3 Ways To Pay Off Your Mortgage Quicker
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• There are several ways in which homeowners can
  try and pay off their mortgage quicker, and some
  tend to be more successful than others. While a
  lot will depend upon your own personal and
  financial circumstances, here are 3 ways that
  might help you pay off your mortgage quicker
• 1. Increase the amount you pay every month
• This is by and large the simplest and most
  effective of all the mortgage reduction
  strategies, and by increasing the amount you pay
  every month, youll gradually reduce the balance
  of your mortgage, irrespective of whether rates
  rise or not.

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• 2. Increase the frequency of your payments
• Effective under many circumstances, this strategy
  does require a few mortgage qualifications
  though, and its important to keep these in mind
  before you start trying to pay your mortgage off
  quicker with this method
• It can be helpful to have a mortgage payment
  schedule with a set due date, as if your mortgage
  payment is due on the 15th of each month, for
  example, youll only be able to increase the
  frequency every other month, unless you pay two
  mortgage payments in one month.

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• You cant change your mortgage payment schedule,
  meaning that if your payment is due on the 1st of
  each year, and there are 365 days to pay it off
  in, you cant increase the frequency every year,
  unless you pay more than 365 mortgage payments in
  a single year.
• If your mortgage is amortized over 25 years or
  more, then this strategy will be most effective.
• 3. Refinance your mortgage debt reduction
• If you consolidate all of your high-interest
  credit card debt and any other debts that are
  particularly high, into a mortgage loan, you can
  make monthly payments that have a lower interest
  rate, but mortgage debt consolidation loans are
  not always the best option for homeowners,
  especially if any of the following apply

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• Youve got good credit and can get approved for
  other types of mortgage refinancing options, like
  a line of credit mortgage or variable-rate
  mortgage at similar rates. If so, then it would
  be more effective to pay off your credit card
  debts without consolidating them into a mortgage.
• Your mortgage is amortized over 25 years or more
  and you can increase mortgage payments to pay it
  off quicker. However, it might prove more
  effective to simply increase the amount you pay
  every month, as mortgage consolidation loans
  typically have higher rates of interest than
  fixed-rate mortgages.

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• Mortgage debt reduction can be handled in several
  different ways, but its crucial that you find
  the right strategy for your individual
  circumstances, otherwise you could end up worse
  off. If you want to pay your mortgage off quicker
  and are looking for a strategy that will get the
  results you want, you can consult with a local
  financial advisor or mortgage broker.

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• Mortgage-broker-Calgary is your best resource for
  finding a mortgage for your property. Luke Wile,
  is the best Calgary mortgage broker and is proud
  to serve clients from across Canada, while being
  centered in Calgary, Alberta. Luke is proud to
  serve his clients with a personalized approach to
  finding his clients the best and lowest Canadian
  interest rates and terms offered by the major
  banks and private lending institutions. If you
  are looking for the best mortgage rates in
  Calgary, with Luke Wile you can get fast and
  personal expertise for your mortgage. Contact us
  today!