Want to pay off your mortgage even faster? Refinance to a shorter-term loan.
A shorter repayment period means a lower interest rate and lower total interest costs. Every single month, you’ll actually pay more principal against your loan than interest. Your payment may go up because you are paying your loan off in half the time, however, since rates for 15 year loans are even lower than 30 year loans, you may be surprised at how much you’ll save for a relatively small increase in your monthly payment.
Call Ideal Home Lending today at 877-752-9177 if you’re interested in paying off your mortgage faster. We are a full-service mortgage lender with experienced staff offering expertise in every area of mortgage lending from purchase to refinance to construction lending. Our staff is dedicated to finding you the best loan product at the best rate and helping you navigate the ever-changing mortgage industry!