We all know the drill: purchasing a home is a dream come true, but paying for it is not. What if, however, there was a simple Mortgage Payment Strategy you could use to make an extra mortgage payment every year? Intrigued? Buckle up, everyone, because we’re about to offer some fascinating observations! We’re all in this together, whether you’re a seasoned homeowner or a hopeful first-time buyer, and aren’t we always up for a good hack? Today, we’re discussing Zillennial Haley Sacks and her insightful method of dealing with mortgages.
Sacks Advises Making A Biweekly Half-Mortgage Payment Strategy
Instead of making those burdensome monthly full payments, Sacks advises making a biweekly half-mortgage payment strategy. Make use of your calendars to assist you; a year has 52 weeks, which equates to 26 half-payments, or 13 full payments. Compared to the customary monthly plan, that is an additional payment by the end of the year!
This can help you pay off your home more quickly by melting a sizable chunk of your mortgage mountain over time. You’ll not only buy your home outright sooner as a result of this, but you’ll also save a ton of money on interest.
But always double-check the specifics of your mortgage contract. Some lenders could charge you a prepayment penalty if you pay off all or a portion of your mortgage loan early, which I think is rather unfair. To avoid any unexpected surprises, always double-check this before making more payments.
Extra Mortgage Payment Strategy
Make sure your lender is on board before implementing the extra mortgage payment strategy by speaking with them first. This helps prevent miscommunications and potential problems. Preparation is essential, just like with a home repair job.
It involves careful planning and thought, just like any decent DIY project we take on. You may leap toward quicker mortgage payments by starting your conversation with your lender right away!