A remortgage occurs when you switch out your current mortgage for a new one. If you locate the proper mortgage, remortgaging can help you as a homeowner. By collecting less interest over time by paying off your mortgage early, you may be able to achieve financial stability and save money in the long run.
Here are some tips for paying off your mortgage more quickly
Make bi-weekly payments: It is a great way to reduce your mortgage balance quickly. By making payments every two weeks, you’ll make 26 payments per year instead of 24. This can help you save a significant amount of money in interest and pay off your mortgage sooner.
Make extra payments: In addition to your regular monthly payment, making extra payments towards your mortgage can help you pay it off faster.
Refinance to a shorter-term loan: It can save you a significant amount of money in interest and help you pay off your mortgage faster. For example, refinancing from a 30-year loan to a 15-year loan can save you thousands of dollars in interest over the life of the loan.
Use a home equity loan to pay off your mortgage: If you have equity in your home, you can use a home equity loan. This can be a great way to save on interest and repay your loan faster.
Make a lump-sum payment: If you come into some extra money, making a lump-sum payment towards your mortgage can help you pay it off faster. This can be a great way to use a windfall or tax refund to reduce your mortgage balance.
If you are thinking about remortgaging to pay off your debts, you should consult with Acme Credit Consultants Ltd first. We’ll be able to evaluate your position and determine whether any alternative options are available to assist you in repaying your debts.
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