Who wouldn’t like to pay off the mortgage early? Getting rid of mortgage debt will allow you the security and the psychological benefit of owning your home free and clear. There are lots of ways to accomplish these goals. Here are some suggestions on ways to get rid of your mortgage debt. Compare the options and do what works best for you.
1. Add more money to your monthly payment. This will help pay down the principal balance shortening the length of your loan. When you pay more on your principal is gets lower, and the lower your principal gets, the more every payment from then on is applied to principal, as less goes to cover interest expense.
2. Refinance. Refinance your mortgage to 10, 15 or 20 years. Your payments will be higher on a 15-year loan, but often the rate is lower and the loan is paid off much quicker. If you are afraid to take out a 15- year loan take out a 30-year loan, but make payments as if you had a 15-year loan.
3. Make biweekly payments. Most banks have a biweekly payment plan. Since there are 52 weeks in the year if you pay half your regular mortgage payment every other week, you’ll have made 26 half-payments, or 13 payments.
There are options when it comes to owning your home free and clear. Just decide which one works for you and be on your way to being mortgage free.
Beautifully maintained home in disirable old Village section of No. Andover-This home offers 4 bdrm w/ possibility of 1st flr mstr, vaulted wood ceiling and pegged wood flr in den, silestone countertops in eat-in kit w/ oak cabinets and imported stone back-splash, formal dining room, cathedral ceiling in sunroom, 2 fp, cathedral ceiling in 2 bdrm of the 4 bdrm w/ skylights & cathedral ceilings in upstairs BR. Beautiful hrdwd flrs throughout the downstairs w/ crown moldings. Move in condition!
Andover’s historic 1807 Captain Benjamin Jenkins House. Elegant, center entrance Federal home, included in National and State Registers of Historic Places. Spacious and comfortable, blending many period features, including 7 fireplaces and wide board floors, with today’s modern living requirements. Located in the Bancroft School District at historic Four Corners, adjoining Harold Parker State Forest. Convenient access to conservation areas, shopping and highways.
Exceptional and well appointed free standing townhouse located at Katie Estates.Great open floor plan, large kitchen with stainless steel appliances, plenty of cabinets and counter space. Living room offers corner fireplace and hardwood floor. Second level offers enormous master suite with walk-in closets, master bath, large 2 nd bedroom, good size office and full bath. Central vac., central air conditioning, furnace humidifyer , easy access to 93. This will not last!
Andover Listing AlertsAndover, MA - $119,900 - Business Opportunity - - Rooms: - Beds: - Baths:1 hour agoAndover, MA - $459,900 - Single-Family - Ranch - Rooms:9 - Beds:5 - Baths:22 hours agoAndover, MA - $1,800 - Rentals - - Rooms:6 - Beds:3 - Baths:22 hours agoAndover, MA - $339,000 - Single-Family - Cape - Rooms:5 - Beds:3 - Baths:13 hours ago
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