Are you itching to pay off your mortgage? In this video, mortgage analyst Cesar Silva gives you a simple trick to shave years off your loan.
Did you know that there is a simple and affordable trick to take years off of your loan and pay it off much faster? The solution is to switch from monthly to bi-weekly mortgage payments! Don’t worry, your payment won’t double. In fact, you’ll only be paying half of your payment every two weeks instead of a lump sum at the end of the month. Why does this work? Well, there are 52 weeks in a year. If we divide that by two, we get 26 payments, the equivalent of 13 monthly payments every year. By making 1 extra mortgage payment every year, you will reduce your principal balance more quickly and save on interest. To set up bi-weekly payments, just contact your current loan servicing company (the company whom you make your monthly payments to) and they will get you squared away. And as always, the Amerifund team is here to answer any questions you have. You can also visit us at amerifund.com for more tips and tricks. Thanks for watching!