Wednesday, May 16, 2012

Mortgage Quick Tip #1 - Paying It Off Early

You know the feeling. You are so excited to be buying a new house, but a year or two down the road you start to realize that this 30 year mortgage is a huge burden.

Most people can't afford to double up on payments, but if you can just contribute an extra $100 a month to your principal you'll pay off your mortgage so much faster.

By reducing the principal faster, you save a lot on interest. Also, if you decide to sell your home before the 30 years, you owe the bank a lot less and your profit will be that much greater.