Ever wondered how you could pay off your house faster without drastically changing your lifestyle? Let me share how John and Emily made it happen!
Meet John and Emily:
They bought their home 8 years ago with a 30-year mortgage term. After doing some research, they made a few key changes that shaved years off their mortgage!
Here’s what they did:
✔️ Made Extra Payments When They Could: Instead of waiting until the end of the year, John and Emily put any extra cash they had (like tax returns or work bonuses) directly toward their mortgage. Every little bit helped lower the principal balance!
Benefit: It accelerates payoff without affecting your regular budget or lifestyle
✔️ Switched to Bi-Weekly Payments: They changed from monthly payments to accelerated bi-weekly payments, which means they were sneaking in an extra payment each year without even noticing. It’s a small tweak with a big impact!
Benefit: This reduces the principal faster and saves thousands in interest over time
✔️ Refinanced for a Lower Rate: When interest rates dropped, they refinanced their mortgage, which not only lowered their monthly payments but also helped them pay off the loan faster by keeping their original payment amount.
Benefit: You pay off the mortgage faster without dramatically increasing your monthly burden if done strategically
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