30 day money challenge #4
Tips to pay your home off faster!
Did you know, you can eliminate PMI( private mortgage insurance) from your payment when the value of your home is equal or less then 80% of the market value? You can talk with your current lender about taking off PMI or look at refinancing options. This will free up some extra money monthly to make your life a little easier!
Make extra payments whenever possible! You'll increase the equity of your home, which is based on how much of the principal (outstanding loan balance) you've paid off. Also, you will reduce both the outstanding loan balance, and the length of your loan.
Refinance to a shorter term loan! This will shed not only years but save you tremendously on the amount of interest paid out on your loan. This will usually lower your interest rate as well.
Pay down other debts. The quicker you pay off other debts-the more cash you will have to pay extra on your mortgage, or save for your retirement by creating wealth to make smarter investment decisions.