No one wants to be in debt, right? That’s why paying off your mortgage early is something that homeowners strive toward. Did you know that there are a few different routes you can take to pay down your mortgage ahead of schedule? St. Louis mortgage company USA Mortgage has prepared some options for you to consider:

  • Apply more money to the principle. It sounds too good to be true, but often the most simple solutions are the best. The faster you pay your principle, the less you will pay in interest.
  • Make biweekly mortgage payments. Do you get paid twice a month?  Wouldn’t it be easier to pay your mortgage according to when you got paid? You are virtually making one extra payment a year if you were to apply this payment strategy.

The key is to remember that it doesn’t always make sense to eliminate your mortgage entirely. If you locked in at record low interest rates and are borrowing for nothing, you may want to hold onto those extra payments and accrue some interest of your own!  When mapping our your budget, don’t forget to consider your other financial obligations as well. You should think about paying off that high interest credit card instead of putting more money toward your home’s principle.

In the end, we know that the sense of having no debt cannot be measured – just make sure that you are paying your mortgage down responsibly. If you would like to talk to a St. Louis mortgage banker [SC1] about your loan options, contact the professionals at USA Mortgage to find out more today!

 [SC1]Banker or broker?