What the Banks Don’t Want You to Know: 5 Tricks to Paying Your Mortgage

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1/5 Give A Little, Save A Lot

Source: thehomebuyerguygj.com

Are you paying off a home mortgage? Does it feel like a burden on your shoulders that you just can’t shake off? Check out these easy tricks for paying off your loan faster; just don’t tell the banks you heard it from us!

Each month, you pay the bank a percentage of your mortgage, but the way they make money is by charging you interest for that loan. Each month that you are paying them back, you are also paying a certain percentage of interest. What most homeowners don’t realise is that towards the end of your mortgage repayments, you are actually only paying off the interest that has accrued over the years. The solution? Shorten the amount of time you have the loan for to decrease the amount of interest owed. Anytime you have a little bit of extra cash, apply it to your mortgage payments. Even a small amount will lower the amount of interest you are paying, helping you get out of the debt faster and actually saving you money in the long run.

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