Monday, August 22, 2016

3 Simple Ways to Pay Off Your Mortgage Faster

Property Tax Reduction Consultants
125 Jericho Turnpike, Suite 500 
Jericho, NY 11753
(516) 484-0654 or (631) 484-0654

There's always something to paid off - credit cards, student loans, car payments - but one of the biggest financial responsibilities we'll ever take on is a mortgage. And though we are given a certain timeframe to pay back this particular loan, whether it be 10 years, 15 years, or 30 years, we at P.T.R.C. Inc. know that many homeowners have a goal to relieve themselves of this responsibility faster than that.

P.T.R.C. Inc. | Property Taxes | Mortgage Tips

If you're hoping to eliminate your monthly mortgage payment quickly, here are a few strategies you can try:

Send more than what is due each month.
Should you have a little extra room in your budget, consider making a payment that is larger than what is due. The benefit here is that any extra you send typically goes to the principal balance, rather than just the interest, AND you'll probably wind up saving yourself up to what could be thousands of dollars in future accrued interest too.

Make extra payments whenever possible.
Expecting a large tax refund next year? Know that you'll be getting a large holiday bonus? Any time that you receive additional income, be smart about how you use it - one of the smartest things you can do is make additional mortgage payments. Even if you only do so once or twice a year, sending an extra payment now reduces the number of payments you'll need to make in the future.

Refinance with a loan that is shorter-term.
A 30 year mortgage may have made the most sense for you financially when you first purchased your home, but now that you are more established in your career and potentially making more money, you may find that you can afford to make higher payments each month. In this case, seek a new loan option that will have your mortgage paid off in less time (say 15 years for example) - you may even be able to find a new loan that has a lower interest rate too.

Since your mortgage is likely to be the biggest expense you have as a homeowner, the sooner you can eliminate that payment, the better! 

In addition to the mortgage, though, we also know that property taxes can be quite the expense, and the good news here is that although you won't be able to eliminate your property taxes forever by making extra payments or refinancing anything, you may be able to at least lower your payment through a tax grievance!

Here at P.T.R.C. Inc., we have been working to help Long Island homeowners lower their property taxes since 1990, and you could be next! To learn more about the process, please visit www.ptrc.com or call (516) or (631) 484-0654 today.

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