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What if you could cut eight years off of your 30-year mortgage? How would that make you feel? There is one simple thing you can do to make that happen: make one extra mortgage payment each year.
Adding one extra mortgage payment will turn your 30-year mortgage into a 22-year mortgage. If you can’t afford to do one full extra payment, you can still cut down your mortgage by making that extra payment in smaller increments.
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Add 10% to your monthly payments & cut 8 years off your mortgage.
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Simply add 10% to your normal mortgage payment. For example, if your monthly mortgage payment is $2,000 and you add an extra $200 each month, you will still shave eight years off your mortgage.
Another way to shorten your mortgage is to refinance and switch to a 15-year mortgage. Keep in mind that the 15-year mortgage payments will be very high, and not everyone can afford this option. That’s why one extra payment a year is a great way to earn your financial freedom in fewer than than 30 years.
If you have any questions, give me a call or send me an email. I would be happy to help you!
