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1. Making Extra Mortgage Payments To Pay Off Loan Balance Early

Every homeowners dream is to have a home that is free and clear.

Most homeowners have a 30 year fixed rate mortgage loan
The term to pay off their mortgage loan is 30 years if they make the minimum principal and interest mortgage payment
However, by making extra mortgage payments, a homeowner can pay off their mortgage loan balance many years prior to the 30 year term is up
Pay making extra mortgage payments every month does not have to be a substantial amount
It is just a practice and habit of paying just a little bit of extra payment each and every month extra in addition to their monthly minimum mortgage payments

As long as homeowners can afford making that little extra cash they have on mortgage payment instead of splurging on other items such as the following:

reducing going out to eat, going out to bars
or other non necessary spending habits

By making that extra mortgage payment and applying towards principal, many can reduce their 30-year mortgage term to 25 years, 20, years, or even less than that

2. Thinking About The Future And Retirement

Everyone’s retirement plan should be by having their homes paid off by the time they retire. The best way to do it is by paying a little extra every month towards their mortgage loan balance. I have seen many times over and over where a $200 extra monthly mortgage payment every month can reduce the 30 year mortgage term to less than 15 years or less.

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