Salt Lake City Real Estate Tips, Market Updates and

Local Happenings

By Real Estate Expert KathyOHomes

Paying off your home mortgage years early can be quite advantageous as it can help you save lots of money in terms of interest payments which would otherwise be required to be made. Here are a few tips to pay off your home mortgage early with minimal effort and hassles. They will help you make extra mortgage payments without affecting your budget.

Tip # 1- The most effective way to pay up your home mortgage early is to make larger payments in shorter intervals. For instance you should round off your payments and pay every 4 weeks instead of making monthly payments. If your monthly payment is 545 dollars you should round it off; you could pay 550 dollars or 575 dollars or 600 dollars. This will help in paying up the mortgage several months earlier than the period fixed for mortgage repayment.

Paying after every four weeks instead of each month will mean you make one extra payment every year. This will also help in repaying the mortgage a couple of years prior to the end of the mortgage period. You can sign up for your bank's bi-weekly payment program for this purpose.

You can pay off your mortgage in half the time given for it by making prepayments of the next month's principal with the current month's mortgage payment. This is in most cases feasible as the principal is a small amount for most people.

Tip #2- To become free of mortgage debt you need to lead a disciplined life to save money and overpay your mortgage. Make use of all available savings for the purpose of making larger and more frequent mortgage payments. You should make savings by cutting out on extravagant living. You can also save small amounts of money by reducing your current expenses. These savings should be used to make mortgage payments.

Tip# 3- When you buy a home you will get some savings in the form of tax deductions. It is better to use these savings to make bigger and more frequent mortgage payments rather than treat them as extra cash available for spending on luxurious living. This way you can pay your mortgage off early.

Tip #4- You could refinance your 30 year mortgage to a 15 year mortgage if you are unable to make extra mortgage payments but this method has a disadvantage that the interest rate drop may not high enough to be attractive. Nevertheless it is a plausible mortgage acceleration method.

There is a lot of free information available to you about buying, selling or investing in Greater Salt Lake City/Park City real estate. For complete information about the Greater Salt Lake City/Park City real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Greater Salt Lake City/Park City real estate at www.KathyOHomes.com. Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 801-518-4599 or email me at kathyo@kathyohomes.com.

For a FREE Weekly List of Homes for Sale in Salt Lake City, UT and surrounding areas, you may fill in the form below and we will compile a list from two wholesale databases and send them to you right away. 

Just fill in the form below with your correct name and e-mail address and we will e-mail you the list.

You may specify in the comments box if you have a particular interest in Salt Lake City foreclosures, or Salt Lake City HUD homes for sale. 

If you or someone you know are in need of a competent and caring Salt Lake City, UT real estate professional in or near Salt Lake City, Utah , I hope you will contact me.

*First Name *Last Name *Email Phone Question / Comments Enter the code: