You can pay off your mortgage early by refinancing with a shorter loan term. If you have a 30 year loan than switching to a 15 year loan cuts off the extra interest cost in almost half, that you would have paid over the course of the loan. The savings can be substantially in a 15 or 20 year loan.Your monthly payments will increase but mostly that increase  pays off the principal balance of the loan !

The short term mortgages are available in 10, 15, 20 year amortization. The shorter the term the higher the payments and " forced saving". If your income allows you to qualify for a short term mortgage than you can save thousands of dollars over the life of the loan. This suits many people who want to pay off and get out from under a mortgage early, or retire.

There is another type of savings with a short term mortgage. Its always at lower interest rate. So you combine the lower rate and short term  to pay off the loan and take advantage of the savvy planning that you always dreamed of. Call our loan team today to discuss your options.

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