How do I Pay my Mortgage off Faster?
There are TWO main methods
- Accelerated Bi-Weekly Payments
- This will turn your 25-year mortgage into 21-years
This option allows you to pay a specified amount towards your mortgage each year without penalty. Usually 15% - 20% of the mortgage balance
Also, consider the Sweet 16 Method - Increase your mortgage payment by 5% year over year (x 1.05) & you’ll be mortgage FREE in 16 years instead of 25