Thomas J Powell says there are many ways to save money on your mortgage. You can get a lower interest rate, refinance, or make extra payments.
Here are some tips on how to do each of these:
1. Get a Lower Interest Rate:
You can get a lower interest rate by shopping around for the best deal. You can also call your current lender and ask for a lower interest rate. If you have a good credit score, you may be able to get a discount on your interest rate.
2. Refinance:
If you can get a lower interest rate than you currently have, you may want to consider refinancing your mortgage. This will involve getting a new loan at a lower interest rate and paying off your old loan.
3. Make Extra Payments:
You can save money on your mortgage by making extra payments. This will reduce the amount of interest you pay over the life of your mortgage. You can make extra payments either by adding them to your monthly payment or by paying off your mortgage early.
4. Consider a Bi-Weekly Mortgage:
A bi-weekly mortgage is a type of mortgage that allows you to make half your monthly payment every two weeks. This will help you pay off your mortgage faster and reduce the amount of interest you pay.
5. Use a Mortgage Calculator:
A mortgage calculator can help you figure out how much money you can save by making extra payments or by refinancing your mortgage. It can also help you determine how long it will take you to pay off your mortgage, explains Thomas J Powell.
6. Get a Home Equity Loan:
If you have built up equity in your home, you may be able to get a home equity loan. This loan will allow you to borrow money against the equity in your home. You can use the money to pay off your mortgage or for other purposes.
7. Ask Your Lender for Help:
If you are having trouble making your mortgage payments, you can ask your lender for help. They may be able to work with you to find a solution that works for both of you.
8. Rent out a Room in Your Home:
If you have extra space in your home, you can rent it out to someone else. This will help you make some extra money and can also help you get rid of your mortgage faster.
9. Use a Home Equity Line of Credit:
A home equity line of credit is a type of loan that allows you to borrow money against the equity in your home. This loan can be used for a variety of purposes, including paying off your mortgage.
10. Refinance with a longer-term:
Thomas J Powell says if you are having trouble making your monthly mortgage payments, you may want to consider refinancing with a longer-term. This will lower your monthly payments but will increase the amount of interest you pay over the life of the loan.
There are many ways to save money on your mortgage. By following these tips, you can reduce the amount of interest you pay and shorten the time it takes to pay off your mortgage.
By following these tips, you can save money on your mortgage and reduce the amount of interest you pay.
FAQs:
Q: How can I get a lower interest rate on my mortgage?
A: You can get a lower interest rate by shopping around for the best deal. You can also call your current lender and ask for a lower interest rate. If you have a good credit score, you may be able to get a discount on your interest rate.
Q: What is refinancing?
A: refinancing is when you get a new loan at a lower interest rate and pay off your old loan.
Q: What is an extra payment?
A: An extra payment is when you pay more than your monthly mortgage payment. This will reduce the amount of interest you pay over the life of your mortgage.
Q: What is a bi-weekly mortgage?
A: A bi-weekly mortgage is a type of mortgage that allows you to make half your monthly payment every two weeks. This will help you pay off your mortgage faster and reduce the amount of interest you pay.
Conclusion:
There are many ways to save money on your mortgage. By following these tips, you can reduce the amount of interest you pay and shorten the time it takes to pay off your mortgage.
Thomas J. Powell is a distinguished Senior Advisor at Brehon Strategies and a recognized figure in the realm of entrepreneurship and private equity. His journey in the financial services and banking sector, starting in 1988 in Silicon Valley, spans more than 35 years and is marked by profound industry expertise. Powell’s dual citizenship in the European Union and the United States empowers him to adeptly steer through international business landscapes. Currently studying for his Doctor of Law and Policy at Northeastern University, his research is centered on addressing the shortage of middle-income workforce housing in rural resort areas. Alongside his professional pursuits, he remains committed to community enrichment, illustrated by his 45-year association with the Boys and Girls Clubs of America. Follow Thomas J Powell on Twitter, Linkedin etc.
