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Advice on paying off your home mortgage loan early

This article will advise you on paying off your home mortgage loan - early.

Make mortgage loan prepayments, balloon mortgage loan payments, constant mortgage loan payments or straight-line principle reduction mortgage loan payments to pay off your home mortgage loan early. Or make accelerated mortgage loan payments or extra mortgage loan payments to pay off your home mortgage loan early.

Make mortgage loan prepayments to pay off your home mortgage loan early

One way to pay off your home mortgage loan early is to make prepayments. Mortgage loan prepayments are repayments of your principal (the amount you borrowed) you make any time during your mortgage loan term, in addition to your regular mortgage loan payments.

When you make prepayments, the most wonderful thing happens. Your principal (the amount you borrowed) gets reduced! Why is that wonderful? A smaller principal means there's less of a borrowed amount for you to have to pay back. As well, a smaller principal means there's less of a borrowed amount for you to be charged interest on. So your cost in interest will go way down. You'll have less principal to repay, and you'll have less interest to pay. And when there's less to pay off, you can pay off your home mortgage loan early.

Learn more about home mortgage loan prepayments

Make balloon mortgage loan payments to pay off your home mortgage loan early

One way to pay off your home mortgage loan early is to make balloon payments. Balloon mortgage loan payments are any repayments you make in addition to your regular mortgage loan payments. A balloon payment can be any prepayment you make during your mortgage loan term. Or, it can be that final repayment of principal that's usually left for you to make at the end of your mortgage loan term.

When you make a balloon payment, whether it's during or at the end of your mortgage loan term, you win!

If you make a balloon payment during your mortgage loan term, you'll reduce your principal. A reduced principal means there's less of a borrowed amount you have to pay back. As well, a smaller principal means there's less of a borrowed amount for you to be charged interest on. So your cost in interest will go way down. You'll have less principal to repay, and you'll have less interest to pay. And when there's less to pay off, you can pay off your mortgage loan early.

If you make a balloon payment at the end of your mortgage loan term, to repay all the principal you might still owe, you won't need any mortgage loan renewal or refinancing. You mortgage loan will be - kaput! There'll be no more principal to repay, and no more interest charged. So you'll be mortgage loan-free at the end your mortgage loan term, which means you'll have paid off your home mortgage loan early.

Learn more about home balloon mortgage loan payments

Make constant mortgage loan payments to pay off your home mortgage loan early

One way to pay off your home mortgage loan early is to make constant mortgage loan payments. When you pay off your mortgage loan using constant mortgage loan payments, all your payments will be both repaying some of your principal (the amount you borrowed) and paying some interest charged on that principal.

When you make constant mortgage loan payments, because you'll be paying back some of your principal, the amount you borrowed gets reduced. So there will be less principal for you to pay back, and less principal for you to be charged interest on. And when there's less principal to repay and less interest to pay, you can pay off your home mortgage loan early.

Learn more about home constant mortgage loan payments

Make straight-line principle reduction mortgage loan payments to pay off your home mortgage loan early

One way to pay off your home mortgage loan early is to make straight-line principal reduction mortgage loan payments. When you pay off your mortgage loan using straight-line principal reduction mortgage loan payments all your payments will be repaying an equal chunk of your principal (the amount you borrowed).

When you make straight-line principal reduction payments your principal gets reduced in equal chunks every time you make a mortgage loan payment. Your principal will be reduced speedily, so you'll consistently have less principal to pay back and less principal to be charged interest on. And when there's less principal to repay and less interest to pay, you can pay off your home mortgage loan early.

Learn more about home straight-line principle reduction mortgage loan payments

Make accelerated mortgage loan payments to pay off your home mortgage loan early

One way to pay off your home mortgage loan early is to make accelerated mortgage loan payments. Accelerated mortgage loan payments are payments that pay off more of your mortgage loan per year than normal monthly mortgage loan payments do.

When you make accelerated mortgage loan payments, you end up making more payments in a year than with non-accelerated mortgage loan payments. For example, with accelerated bi-weekly mortgage loan payments, you would be making one additional monthly mortgage loan payment per year. And with more mortgage loan payments per year, you'll repay your principal (the amount you borrowed) faster and have less principal to be charged interest on. And when there's less principal to repay and less interest to pay, you'll pay off your home mortgage loan early.

Learn more about home accelerated mortgage loan payments

Make extra mortgage loan payments to pay off your home mortgage loan early

One way to pay off your home mortgage loan early is to make extra mortgage loan payments. Extra mortgage loan payments are payments you make that are bigger in amount than regular mortgage loan payments. Examples of extra mortgage loan payments include "increased payments," where your payment is increased in some way, and "double-up payments," where your payment amount is exactly doubled.

When you make extra mortgage loan payments, you'll repay your principal (the amount you borrowed) faster and have less principal to be charged interest on. And when there's less principal to repay and less interest to pay, you'll pay off your home mortgage loan early.

Learn more about home extra mortgage loan payments

Get more info about home mortgage loan advice like me. Contact The Mortgage Store Online's brokers by using the contact form or by calling them at 1-866-880-2577.

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