How Can You Shave Time off Your 30-Year Mortgage?

With one simple trick, you can shave eight years off of your 30-year mortgage. Here’s how.

With today’s phenomenal rates, a lot of our clients wish they could do a 15- or 20-year term on their mortgage, but they don’t want to be too stretched financially and decide on a 30-year term instead. An easy way to cut that term down by approximately eight years is to send in an additional 1/12 of your mortgage payment each month in addition to the actual mortgage payment. This simple change alone will turn your 30-year mortgage into a 22-year mortgage. As long as you make sure that 1/12 of the payment is marked for your principal amount, this will work. 

If you have any further questions for me, feel free to reach out via phone or email. I would love to hear from you.