How to Pay off Your Mortgage

BUILDING EQUITY IN YOUR HOME - How to Pay off Your Mortgage

1. Make Use of Double-Up Privileges Wherever Possible
Each payment that you make to your mortgage makes a difference. If have a little extra cash, be sure to double your payment whenever possible. Your mortgage will reduce quicker than you can image.

2. Round Your Mortgage Payments Up
By adding even a nominal amount to your mortgage payment of say, $10 per payment, the amount of interest you are saving will be unbelievable, and the extra money is relatively painless to part with. You can watch your mortgage go down quicker than scheduled.

3. Pay A Lump Sum Mortgage Payment Whenever Possible
By decreasing the principal of the mortgage, your payments will not be allocated as much to interest, thereby accelerating the end of your mortgage.

4. Keep Payments The Same When Mortgage Rates Have Fallen
If the payment amount has not been a problem so far, then keep it the mortgage payment the same, thereby paying down the principal of your mortgage faster.

5. Raise Mortgage Payments In Line With Increased Income on An After-Tax Basis
If your income increases; don't keep your mortgage payments the same. Although the disposable income may be fun to spend on unnecessary luxuries in the short-term, the long-term benefits of being mortgage free faster a far outweighs the short-term sacrifice.