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Strategies for Paying Off Mortgage Debt Faster
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[QUOTE="Phantasm, post: 343607, member: 94599"] To pay off your mortgage faster and save on interest, make extra payments, switch to a biweekly payment schedule, refinance to a shorter term loan, round up your payments, and apply windfalls or bonuses towards your mortgage debt. Making additional payments, biweekly payments, and refinancing to a shorter-term loan can help reduce the amount of interest paid over the life of the loan. Rounding up your payments and using windfalls and bonuses can shorten the time it takes to become mortgage-free. Paying off your mortgage debt more efficiently through these means will enable you achieve financial freedom quickly. Start by cutting costs in order to pay off your mortgage faster. Also redirect savings towards the epicenter of all evil: The Mortgage. Additional contributions could be made by freelancing or starting a side business for extra income. Increase Your Payment “The lender may have accelerated payment options.” Automate your earnings so that you don’t miss out on anything while accelerating repayment plans with them. Stay committed, motivated and disciplined by monitoring how far you have come toward reaching goals such as paying down principal with every month’s reduction balance or celebrating important milestones like paying half way through an amortization period – just remember not crossing any prepayment penalty thresholds; then follow them until they lead us closer than ever before towards total independence from mortgages. [/QUOTE]
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