Make Your Payments As Frequently As Possible
* Rapid weekly payments * Rapid by-weekly payments
Not only do the additional payments lower your mortgage principal, but they also significantly decrese the amount of interest you will pay and decrease the life of your mortgage.
Make the LARGEST Regular Mortgage Payment You Can
Some lenders will allow you to increase your regular payment by up to 100%. Your budget may not allow you to do this but even adding 10% to your mortgage payment will chip away at your mortgage principal.
Choose The Shortest Possible Amortization Period
The less time you use to pay the mortgage back means the less interest you will pay.
Take Advantage of Lump-Sum Payment Options
Most lenders will allow lump-sum payments against your mortgage principal without penalty up to a certain amount (i.e., 10-20%). Some lenders will allow you to make these additional payments anytime and some require that you make the lump-sum payment only once. Either way, by taking advantage of this option you'll ensure to have your mortgage paid off as quickly as possible.
