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Close Topic OptionsShorten Terms On A Mortgage
Shorten Terms Mortgage - Politics, Business, Civil, History - Posted: 30th Apr, 2009 - 10:20am
Posts: 3 - Views: 461
Post Date: 29th Apr, 2009 - 12:28pm / Post ID: #
Shorten Terms On A Mortgage
Shorten Terms On A Mortgage
Is there a way to shorten the length of your Mortgage?
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Ummm...pay it off faster?
Seriously, if you can afford to make one extra payment per year, you will be shocked at the results. However, make sure that you have a penalty free mortgage before doing it. You can also just add $20 (payment to the principle) per payment and you will be shocked at the results over time.
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Post Date: 30th Apr, 2009 - 10:20am / Post ID: #
Shorten Terms On A Mortgage History & Civil Business Politics
A good way to help shorten the length of your mortgage is to look if you have PMI on it. IF you owe less than 80% of the value of your home you can get the PMI removed. This will take a person your mortgage holder hires at your cost to come out and appraise your home. If you do qualify to get the PMI off you can keep your payment at the same rate and the extra that used to go to the PMI will now be applied to the principal balance. This can shorten your mortgage by as much as seven years. Oh for those that do not know what PMI is it stands for Principal Mortgage Insurance.
TOPIC: Shorten Terms On A Mortgage