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Tips to Pay Your Mortgage off Early Fortunately, there are many things you can do to repay your loan early and save thousands of dollars in interest. Lump-sum payments of $10,000 a year would obviously help, but they may not be possible. Don't worry you'll be surprised at how much money you can save - and how much quicker you can pay off your mortgage - just by taking several small steps. For example, consider what would happen if you put the following strategies to work on a $100,000 mortgage at 8 per cent interest over 25 years:
None of these steps are too dramatic, but these small financial changes would have a pretty big impact. How big? They would allow you to retire the mortgage loan in about half the time and would cut your interest bill in half. There are a variety of methods you can use to decrease your mortgage. The best choice usually comes down to what is easiest for you, and which approach you are likely to stick with. The important thing is to choose a strategy and try to stay with it. Here is a list of tricks that can help you become mortgage free sooner:
We'll arrange the best mortgage product for you when you apply so you can take advantage or our recommendations. Remember, a bank doesn't want to encourage you to pay the loan back early, but we'll show you and look after your interests first!
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[Figuring
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