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Today we are going to answer a question I’m asked quite often, “How do I aggressively pay off my mortgage?” Before answering this question, it’s important to answer a few questions for yourself prior to paying off your mortgage. Ask yourself these three questions:
Are all of your credit cards paid off? The lower the debt you have, the more aggressively you can pay your mortgage off.Do you have an emergency fund? It’s a good idea to have at least 6 months of fixed reserves that you could live on in case of an emergency.Have you maxed out your contributions to retirement plans and college funds?
If you can say yes to these items, we would suggest that you should have a plan to aggressively pay off your mortgage. The other option is to refinance to a shorter, fixed term. Not only will you aggressively pay down the mortgage, you will also save thousands in interest.
One way to easily reduce the time you have to pay off your mortgage is by making one additional payment per year. This will shave anywhere from 7-8 years off your mortgage, and it’s the simplest way to make sure your financial house is in order.
If you have any questions about your mortgage, would like us to review your situation, or are looking for a new mortgage, give us a call or send us an email. We’d be happy to help out!
