When you think of what will get you on the far end, out of debt, most people think of paying down their credit cards first but the secret may be to pay down your mortgage debt as quickly as possible. By doing this you are ultimately saving money by avoiding higher interest and becoming mortgage free sooner in life. According to recent statistics released by CAAMP, only 35% of people with mortgages took advantage of attempting to pay down their mortgage faster. This means, majority of people are not taking advantage of their pre-payment privileges, or double up payment options. There are several reasons why this is so, part of it being many buyers are first timers and sometimes their new financial situation takes some adjusting and therefore they do not feel comfortable sparring the money for extra payments. Also, they may have incurred consumer debt and want to focus their extra dollars on paying that down and then focusing on their mortgage. Regardless of the reasons behind it, here are some helpful tips to help you pay down your mortgage quicker:
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Why choose an accelerated weekly or bi weekly mortgage payment
The main objective of any mortgage borrower is to pay down there mortgage as soon as possible. Naturally coming up with the money to do this is not that easy. Two ways to chip away at your mortgage is to take an accelerated payment frequency and take advantage of the automatic payment increase allowed on your mortgage by your mortgage lender. Here is an example.
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Why you should always choose an accelerated mortgage payment frequency
The main objective of any mortgage borrower is to pay down there mortgage as soon as possible. Naturally coming up with the money to do this is not that easy. Two ways to chip away at your mortgage is to take an accelerated payment frequency and take advantage of the automatic payment increase allowed on your mortgage by your mortgage lender. Here is an example.
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Why Choose an Accelerated mortgage payment
When you set up your mortgage you have the option of choosing a mortgage payment frequency. You can choose monthly, semi monthly, bi-weekly, weekly, accelerated bi weekly and accelerated weekly. Accelerated bi weekly or accelerated weekly are more aggressive payment frequencies and can save you thousands of dollars in interest over the term and life of the mortgage. Let us look at an example
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