How to Take 8 Years off Your Mortgage!

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There is one simple strategy that banks don’t want you to think about when it comes to mortgage payments. This strategy allows you to turn a 30-year mortgage into a 22-year mortgage. How do you do that?

First of all, there are different mortgage options out there: interest-only mortgages, 15-year mortgages, and 30-year mortgages. While many people might prefer the 15-year mortgage, it does come with a more expensive monthly payment that most people can’t afford.

One extra payment a year shaves 8 years
off your mortgage!

If you go with the 30-year mortgage but want to pay it off sooner, all you have to do is make one extra payment a year. If you can’t swing an extra payment at the end of the year, consider adding 1/12th of your mortgage payment to your regular monthly payments.

For example, if you had a monthly payment of $2,000, you would pay $2,167 a month in order to get that extra payment. That way, you will own your house free and clear in 22 years while saving tens of thousands of dollars in interest.

This strategy is a great way to build wealth. If you have any questions, give me a call or send me an email. I would be happy to help you!