The most brilliant way to pay off your mortgage

The most brilliant way to pay off your mortgage is to pay off your mortgage debt ahead of schedule. This will save you money and eliminate large monthly interest payments.

The most brilliant way to pay off your mortgage

There are some of the most brilliant ways you can speed up the repayment of your mortgage loan debt.

Here are the most brilliant ways to pay off your mortgage

1. Make Payments 2 weeks + $200 per month.

Making automatic bi-weekly payments is a great way to save money on your mortgage without thinking about it every month. Be sure to check with your bank to make sure you are not paying extra for this service.

2. Paid an additional $500 per month

Pay $500 per month to pay off your mortgage faster. These extra monthly payments, especially early in the term of your loan, will greatly reduce high interest payments.

3. Use your mortgage extra bonus.

Using all of your extra bonuses on your mortgage can really add up and will quickly pay off your mortgage.

This method automatically transfers all bonuses to your mortgage. Better yet, set it up through your company as an electronic transfer so you never see the money and are tempted to spend it.

Read also : How to pay off a 15-year mortgage in 7 years

4. Enter the Annual Tax Return

If you still get an annual tax return and maybe even thousands of dollars then all you have to do is put it in your mortgage and maybe even an extra full payment every year.

So the Annual SPT should not only be spent on family vacations anymore but to pay off the house first and then on vacation.

5. Mortgage Refinancing

The benefit of mortgage refinancing is that it saves tens of thousands of dollars from a 30 year mortgage to a 10 year mortgage. Of course, there are additional closing costs and costs associated with refinancing.

6. Turn refinancing into a 15-year mortgage

The way to make extra payments every month is to pay them off faster. Switching to a 15 year mortgage instead of a 30 year mortgage will likely only cost you a few hundred dollars more per month than your 30 year mortgage. So getting a 15 year mortgage could mean savings of around $100,000.

7. Start fixing the budget

Do a budget check and use the extra cash to pay your mortgage.

The benefit of prioritizing your budget is to find the extra cash that's currently available and then direct it toward your mortgage payments.

We hope the above information on the smartest way to pay off your mortgage has been helpful.