I know, you wish you didn't have to put that mortgage payment in the mailbox each month, so what if you could take that mortgage payment and put it into your pocket instead? Well you can and I'll show you how. The bottom line is this, if you aren't trying to pay off your mortgage early or adjust your mortgage payment you're leaving MEGA-BUCKS on the table.
There are really only 6 ways that you can make a mortgage payment that will help you pay off your mortgage early. Some are good, some are not. It really just depends on your financial situation and how much you're willing to sacrifice.
Regardless of your situation there is ALWAYS a method or two that will work perfectly for you. So here are your options:
The 6 Ways To Pay Off Your Mortgage Early:
1 - Take advantage of the 'mortgage payment loop hole' that has recently been uncovered (free report below)
2 - Use a biweekly mortgage payment plan (doesn't seem like much but works well)
3 - Make an additional mortgage payment to the principle each month (3% rule)
4 - Refinance (I know you probably have a million lenders calling you EVERY day about this one) at a lower rate and keep the monthly mortgage payment the same
5 - Make a lump sum mortgage payment to the principle (maybe with a salary bonus you get)
6 - Refinance to a 15 year mortgage (the mortgage payment increases but it gets the job done)
The most important thing to remember about choosing a mortgage payment to pay off your mortgage early is to understand what it will do for you financially in the future, and then to be able to compare that to what the mortgage payment method is doing to you financially right now.
Often, making the decision on which mortgage payment method to use comes down to your family and lifestyle. Ask yourself the following questions before deciding which mortgage payment method makes the most sense for you.
Do you have a retirement set aside?
Do you have a college fund for your kids?
Do you need/want a new car?
Does your spouse want to go on a vacation?
How much money do you want to save and how badly do you want to pay off your mortgage early?
It may seem hard to choose which one of these mortgage payment options will work best for you, but if you're truly serious about taking control of your financial life it won't be tough. This is just an overview of all the mortgage payment methods that pay off a mortgage early, but I've written several other articles on these methods that you can look up if you want to go into detail on a certain method.
