Paying Off Your Mortgage Sooner
How to shorten the length of your mortgage and minimize the cost of borrowing.
There are many benefits to shortening your mortgage, and thereby paying less for the cost of borrowing the money. You can free up money for other things in your life – the education of your children, money for your retirement or an emergency fund.
1. Make more payments. Increase the frequency of your payments. Ask us to show you how you’ll save by paying biweekly or weekly, instead of monthly. Paying more frequently can save you hundreds of dollars in annual interest costs. To calculate the difference, use our Bi-Weekly Payment Calculator.
2. Make the largest down payment you can afford. This will substantially reduce the length of time it takes you to repay the mortgage. If interest rates decrease when it is time to renew your mortgage, consider keeping your payments the same and applying more money to the principal.
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Feisal and the Invis team have been my go to mortgage experts since my start in the real estate business almost 16 years ago. Not only do I recommend him to clients as often as I can; Feisal handles my mortgages and my family's mortgage needs. For me, great mortgage service goes beyond simply being trustworthy and getting the lowest rate, these attributes are 'must have' prerequisites for doing business in a competitive market. Feisal and his team go beyond this by providing a friendly resource I can count on for my mortgage questions as it relates to my business as well as my personal mortgages. Moreover, when I refer clients to Feisal, I can count on his professionalism and ability to expedite; their service always reflects well on me by having strong affiliates which is exactly what I need for my business to grow. Bryan Coombes - Re/Max Realty
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