Welcome to the latest series at JosephSangl.com – “Ways To Eliminate The Mortgage More Quickly”. It is my hope that this series can help you eliminate what is usually the single largest expense in the household budget and free that money up to much greater things than make a bank rich!
Part 2 Lower The Interest Rate
One key way to eliminate a mortgage is to have an excellent mortgage interest rate. Mortgage rates are at historic lows. CNNMoney’s website has an excellent calculator that one can use to evaluate different refinancing alternatives to see which one is best for your situation. It can be obtained HERE.
Just lowering the interest rate by 1% on a $100,000 mortgage will nearly $1,000/year! That, my friends, will spend just like money and I would much rather apply that money toward principal reduction or funding a dream than sending it as a gift to my mortgage lender!
We have an “Early Pay-Off Calculator” located on under our NextSteps tab (HERE) that will show you how much more quickly you can pay off your loan if you obtain a lower interest rate.
This can seem very basic, but it is easy to get caught up in the day-t0-day bustle of life and miss one of the key ways to eliminate the mortgage more swiftly!
Read the entire series HERE