Pay Off Your Mortgage Faster With This Strategyadmin
One refinance strategy you might not know about is refinancing to lower your monthly payment but then continuing paying the old payment to pay off your loan faster.
This strategy can help you not only pay off your mortgage sooner, but also save you thousands in interest over the life of your loan.
A recent client we worked with just used this strategy. We refinanced them into a 30-year loan, saving them $330 a month. By applying what they saved as an extra principal payment each month they will pay off their loan in about 21 years. This means we were able to shave off about 7.5 years of mortgage payments. This will also save them over $120,000 in total interest paid over the life of their loan. This is pretty incredible savings!
If you would like me to review your current situation to see if this refinance strategy makes sense for reach out to a member of our team. We would be happy to run the numbers for you.