Wednesday, February 13, 2008

Pay Your Mortgage Off Earlier

Lately there has been a lot in the news about mortgages and how the rates are dropping. Many people are rushing out to their local banks or contacting their mortgage companies to take advantage of the decreased rates. Why? They want to lower their rate and lower their payments at the same time.

But how about this- how about if you lower your rate but still pay the same amount? Why in the world would you want to do that? Well, according to this article at Money Magic -Borrowers can pay off their mortgage early by keeping their payment up! It’s a great idea. You are already paying this certain amount- why not keep paying it and pay off your mortgage in a more timely fashion.

To be honest, we already do this- well sort of. We pay extra on our mortgage each month and apply the extra money towards the principal on the house. We’ll be able to pay our off mortgage quiet a few years early by doing this. Looks like we weren’t so crazy after all!

If you live in the UK and are interested in a Commercial Mortgage you might want to check this out!

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