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| Thinking About Prepaying Your Mortgage? |
| Written by Kenneth L. Lahey |
| Sunday, 07 February 2010 08:04 |
|
The federal tax refund was a big boon to a lot of families who used it to pay down debt, buy much needed but unaffordable items, or just sock it away for a rainy day. Use the funds to pay down some of your home loan by mailing the amount in with your next monthly payment.
If you are one of the very few who still need to decide what to do with your tax refund, here is a great suggestion. Use the funds to pay down some of your home loan by sending the amount in with your next monthly payment. Using extra money you have will pay your home loan down faster. This is one of the best ways you can think of to invest in your future, even if you have been thinking about investing in stocks. The stock market may actually be the worst investment people can make today, so investing more funds in your own house will turn out to be a great investment. Using any large amount you get, or even small amounts every month, can cut down your mortgage balance and save you a lot over the long run. If you have already spent the rebate, there are some other ways you can help to pay your mortgage down more quickly. Without creating a great impact on your monthly family spending, you can save thousands of dollars on your mortgage. Just cut out some small luxury, such as your gourmet coffee each morning, and devote the money saved to an additional payment on the mortgage. Even small amounts can have a large impact, because of the cumulative effects of paying down the loan. In this manner, the overall mortgage is paid down more quickly as well. There is another great ways to pay your home loan down early without any financial pain at all. What you can do is simply cut your payment in two, and send half in two weeks early and the second half on the normal payment date. You will still be remitting the same exact amount every month, but because interest comprises such a large part of initial loan payments, you will be paying off the interest faster and reducing your loan. About the Author: For more details on courtier assurance hypotheque and remember to check assurance pret hypothecaire |