thanks for dropping by.
My mortgage is less than $100,000 from last year onwards. I was thinking of ways to pay it off faster.
Turns out, there are few methods to think about.
First of all I asked my lender to make it bi-weekly. That was done couple of years before. Now, this month I asked them to increase my bi-weekly payments by 10%. (I believe you can make it up to 15% . Just ask your lender.)
I have an option to pay a lump sum of up to 15% of the original mortgage amount. This payment will go directly towards the principal. The minimum amount of this annual lump sum is $100.
The next one is the option to double up your regular payment of principal and interest once a year.
I used the lump sum payment option in 2015. Since 2016 was hard on us, we didn't do that. This year I am going to do at least $100 towards the principal.
Do you have any other ideas to pay off mortgage faster? Please share your mortgage stories with me.