[top]Mortgage Accelerator- A traditional mortgage accelerator relies on splitting your mortgage payment in half and making two payments each month. Since it speeds up the payment on half of your monthly mortgage payment then it helps you pay your mortgage off about 10 years earlier.
[top]Pay extra- By paying a little extra each month it will help pay your mortgage off sooner. The earlier you pay in the bigger impact it will have on your mortgage as you will have to pay less interest in the long run.
[top]Change your Plan- You can easily change your 30 year mortgage to a 15 year mortgage. This will give you a lower interest rate and allow you to pay it off early.
Your monthly payments will probably increase, but you will be saving TONS of money in the long run.
[top]Refinance to a lower interest rate- Watch the interest rates and see if they are lower than your own. If they are then you need to refinance your loan to give you a lower interest rate. This can mean a savings of hundreds a month.
[top]Get rid of your PMI- Get rid of your PMI by either paying off 20% of your loan OR change your plan to an 80/20. This could easily save you $100-$200 monthly that you can put towards your payments.
[top]Budget your finances- Use excel OR any money programs to help your budget your finances. Try to limit monthly spending so that you are able to put more towards your mortgage. If you pay attention to all of the unnecessary purchase that you make, you can easily find more money to put toward your mortgage.
[top]Credit card rotation 1- This is a very risky way to avoid paying extra interest on your loan, but if you are able to budget well and pay attention to your daily balance, then you can save yourself hundreds monthly.
1st you have to get a credit card, and a Home Equity line of credit (HELC) account. The idea is to have a credit card and put all of your purchases on it. On the very last day of payment, you need to pay it off with your HELC. This pushes the payment for another couple of months, and you will pay this amount at the end of that time.
So if you have spent $1000 on the first day, then you don't have to pay that amount for 4 months. It's like you are getting a 0% loan. Since you don't have to use the money in your pocket right away, then use it to pay off your loan.
If you do this monthly, then at the end of 4 months you have around $4000 that you have in rotation and can put it towards your loan.
You can save $100-$700 monthly depending on how much you are rotating!
NOTE: This takes good budgeting so me careful, and the more money you can cycle on a month basis the more you can put toward your loan.
NOTE: You will be rotating monthly until your loan is paid off.
[top]Credit card rotation 2- Sign up for a 0% interest credit card and put $10,000-$20,000 on it. Now use that extra money that you will have and put it into your mortgage. Once your credit card trial has expired, then sign up for a NEW credit card and transfer that balance.
You can save hundreds monthly!
[top]Take your money out of savings- Take all of your money out of savings and put it towards your mortgage. You are only earing 1%-2% in your savings account, BUT are losing 5%-8% on your mortgage. If you ever need extra money for emergencies, then get a Home Equity Line of Credit (HELC) to help you pay for any emergencies.
This will help you use the money you already have wisely, and help you pay off your mortgage sooner!