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Ways to pay off your mortgage faster without having to pay a prepayment charge

Posted on 5th Jan 2015 by Mark Stern
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Shorter Amortization period

Choose the shortest amortization period with the largest payment you can afford. This will help you pay off your mortgage faster and save on interest. Increase your payment frequency More frequent payment will save your interest payment and it has the same effect of making extra monthly payments. You have choices of monthly, bi-weekly or weekly payment.
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Increase your payments
Increase the monthly payment amount as much as you can afford. The increased amount will be applied directly to your principal balance helping you pay off your mortgage faster. Make a lump-sum prepayments Pre-pay up to 10% of your original loan amount in each calendar year without incurring a prepayment charge. This will also help you to pay off your mortgage faster.

 

If you have any questions or inquiries please contact 1-888-882-0786 (toll free) for assistance.

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