The single MOST important decision you will make in life is whom you will share your life with. The second is WHAT house you will buy to live in and make your home and the third is WHAT type of Mortgage you will choose.
It is important to obtain a Mortgage that allows you the most flexibility.
- Increase The Frequency Of Your Payments
- If you are making monthly payments...keep the same payment format but arrange to have the same amount taken out every 2 weeks (1/2 the amount) or every week (1/4 the amount). This does mean 1/2 of a monthly extra payment if every 2 weeks and 1 extra monthly payment if every 4 weeks. By paying more frequently the principal is affected and lowered faster and so goes the length of the mortgage.
- Increased Payments
- Discuss with your financial institution the option to make increased payments during the year when you may have extra funds.
- Lump Sum Payment
- Arrange with your financial institution to have this option. Use extra tax money, bonuses, extra savings and pay down the principal.
- Amortization
- Take a shorter amortization period...it will make the payments larger but it will shorten the length of the mortgage.
Be sure to discuss all the possible options for paying down your mortgage with your Mortgage Broker, Agent or your Financial Institution. It is best to do this at the onset of your mortgage discussion. Your Broker, Agent Or Banking Representative should have all this in order before the papers are signed.
To review and / or discuss Mortage Options Click Here.
Deborah Gilmore...Your Trusted Source For Anything Real Estate!
