Reducing Your Mortgage

foreclosure defense lawyerLet’s assume for the purpose of this article you own a house and you have a mortgage on your house. Your mortgage may be a 15 year mortgage or it may be a 30 year mortgage. Is there a way you can reduce the term of the mortgage from either the 15 year period or the 30 year period? The answer to that question is yes.

Reducing Your Mortgage Payments

One of the most well known ways of reducing your mortgage payments is to make 13 mortgage payments per year instead of 12. This theory of making an additional mortgage payment once a year has been around for a considerable period of time. What is the best time to make the additional mortgage payment? Experts recommend the additional mortgage payment be made in the month of January. It is estimated if you have a 30 year mortgage and you make 2 payments in the month of January of each and every year, you will reduce the term of your 30 year mortgage to 26 years.

So, how do you find the money to make this extra payment? If you celebrate Christmas or Hanukkah in the month of December, you may be deeply in debt by the month of January. There are two ways of accumulating funds to make this extra mortgage payment. The first is, if you receive a bonus, utilize the bonus to make the extra mortgage payment. The second method is file your tax return early, get your refund quickly and use your tax refund for that extra January mortgage payment.

Lowering Interest Rates

Interest rates on home mortgages fluctuate based on numerous economic factors. You should be aware of the interest rate you are paying on your mortgage. Periodically you should review newspapers or online websites and determine what the current interest rates are. If the current interest rate is more than a point and a half lower than what you are currently paying on your mortgage you should consider refinancing. Over the long run refinancing your mortgage payments may save you tens of thousands of dollars.


homeowner advocatesAlmost all homeowners who purchase a home borrow money from financial institutions for the acquisition of their home. Once the money is borrowed, the mortgage payments start. It is prudent to make those mortgage payments end as quickly as possible.

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