Shortening your loan term and other ways to expediate your loan payoff
Accunet can help you pay off your mortgage faster with a new loan term that’s personally tailored for you.
Shortening your loan term by even just one or two years and reducing your interest rate can potentially save you tens of thousands of dollars in interest expense. The decision to pay off your mortgage faster will require some thought, but the quicker payoff and lower interest rate certainly has its advantages – from the satisfying feeling of financial security to the comfort of having complete ownership over your home.
Why refinancing is one of the best ways to pay off your mortgage early
- Accunet can customize your new loan term to any number of years from 10 to 30 so you don’t have to start over on your loan amortization when you refinance.
- If you have other loans at a higher rate than your mortgage, you may want to consider a new 30-year fixed rate mortgage to maximize your monthly payment savings. You can then use the monthly savings on your mortgage to pay off higher rate obligations such as student loans, credit card balances and more.
- For example, on a $200,000 outstanding loan balance, a person with 28 years remaining at a rate of 4.75 percent would save approximately $29,400 of interest over the life of a new 26-year fixed-rate loan at a 4.25 percent APR vs. keeping their old loan. And their payment would still be $16/month lower.
- Click here to get started with a free consultation.
The current rates, savings, financial goals and other loans and debts you may have must also be factored into the equation. Our loan consultants have experience working with clients from all across the financial spectrum and are well-equipped to provide tried-and-true recommendations that best suit a variety of financial situations.
If paying off your mortgage faster sounds enticing, contact us today and get one-on-one advice from one of our licensed loan consultants.
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