How to pay off mortgage loan early

It seems to be tough to pay off mortgage early but by following some steps it can be possible. Find the following ways to reduce your principle mortgage loan much quicker than you have ever thought possible.

• Pay a bit more than the minimum: Suppose you have the minimum mortgage payment is $1450 every month. Try to round it up and pay $1500. It seems that extra $50 is too small but it will have a big impact in long run.

• Put extra money towards mortgage payment: Have you got a Christmas bonus or good work performance bonus or got tax refund? You can obviously use that extra money towards the payment of mortgage.

• Save the change: It is a very good habit to throw the change into a jar and after a certain time, may be 6 months or 12 months, you can use that amount towards the payment of your mortgage.

• Avoid late fees: This is very simple that pay your monthly mortgage payment on time because late fees are very costly. For example, a 5% interest on late payment of a $2000 monthly payment would cost extra $100.

So, follow the above mentioned ways and let’s see if you can pay your mortgage loan early.