With rates on the rise, there are still those of us that either don’t qualify or simply do not want to reset the clock on the 30 year mortgage we took out a few years ago. If you are one of those people, I have another option for you to save even more money in the long run.
What is it?
Pay your mortgage with a bi-weekly payment. What? You say you can’t afford a double payment…That’s not what I said.
I said bi-weekly — which means you pay one half of your payment every two weeks. This saves you interest on half of your balance each month and allows you to pay an extra payment each year. In the long run you shorten your loan by 7-8 years and therefore effectively paying less for the money you borrowed.
Still a little complicated? Call me at 805-450-0086 I’m happy to explain how I’m saying both time and money without refinancing….again.