Shortening Your Mortgage

Did you know that there are more ways to save money on a mortgage than just shopping around for the best mortgage?

The first thing you should know is that over paying your mortgage payments can help you save money off your interest and it will also shorten the length of time it takes to pay off the loan.  Of course, you have to make sure you have the right type of mortgage that will not penalize you for over paying or paying off early.  Most lenders will allow you to pay 5-10% of the balance off per year over the regular amount paid.

Another thing you can do is get the term changed in your mortgage to a shorter term.

If you want to save money on your mortgage, pay it off early!  Think of it this way, the money you save in the long run will end up being more than the interest earned if you took the money you would have used for the overpayment and put it in a savings account.

Just remember....just because you got a 30 year mortgage, does not mean that you have to take the entire 30 years to pay it off!