PRO TIP FP

MAKE AN EXTRA MORTGAGE PAYMENT EVERY YEAR

“When you understand that your self-worth is not determined by your net-worth, then you’ll have financial freedom.”

-Suze Orman

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Does your head spin when you think “amortization schedule” and the date of your “final mortgage payment?” ⁣

Did you know that you can shorten your mortgage term by 8 YEARS by paying an extra mortgage payment every year, or just $100 more per month of the principle? This could help you remove Mortgage Insurance (PMI) even faster, with increased equity. ⁣

Just be sure to ask if your mortgage lender charges any pre-payment penalties: they were counting on you to pay interest for a full 15-30 years!⁣