Thursday, May 3, 2018

3 Ways to Pay Off Your Mortgage Sooner

Who doesn't want to have their mortgage paid off? That's just one less monthly bill you have to worry about. Most mortgages are financed for 30 years, but that doesn't mean you have to take the full 30 years to pay it back. Today's blog from your favorite Lake of the Ozarks mortgage lender offers several different ways that you can pay off your mortgage sooner.

1. Make a Larger Monthly Payment. 

Probably one of the easiest ways to pay off your mortgage faster is to just add a little extra to each of your monthly payments. Consider creating a household budget. Look at your monthly expenses and compare it to your monthly income. See if there's any extra money that you could apply to your monthly mortgage payment. Talk to your mortgage lender at the Lake of the Ozarks to make sure that the extra you are paying is being applied to the principle of the loan. This will help you pay off your mortgage faster and save money on overall interest. 

2. Make an Extra Payment. 

Maybe you don't have enough extra each month to add on to your payment, but that's okay. Do you get a yearly bonus at work? Do you get paid commissions? Do you have a nice sized tax return? Try adding in a 13th payment somewhere during the year when you have some extra cash to spare. You can make an extra payment whenever it's convenient for you. Do that each year and you'll be able to pay off your mortgage sooner than expected. 

3. Refinance Your Loan. 

If you've been paying on a 30-year loan for some time, you might consider getting your home loan refinanced at the Lake of the Ozarks. Interest rates are currently still near historic lows, and interest rates on a 15-year loan are typically less compared to the 30-year loans. If you can reduce your interest rate and even possibly shorten the term, this accelerates your repayment, saves you on interest and may not even increase your monthly payment. Talk to your mortgage professional about your refinancing options. 

Learn more about your options by talking to your lender today about your Lake of the Ozarks home financing options. Your circumstances may be different now than when your first bought your home. You might be able to get a better interest rate or make a larger monthly payment. Give me a call at 573-746-7211 with any questions you may have regarding your home loan at the Lake of the Ozarks.

For Lake area news, resources and tips on financial services, please 

Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211

**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

1 comment:

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