Re/max Innovative Properties
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One of the critical steps involved in looking for a home is the process of negotiating for a mortgage. Many people dread this process because they find out exactly how much money they are going to have to pay each month. At the same time, this is also an opportunity for people to negotiate for more favorable terms. Think about options such as waiving origination fees, reducing points, and asking for a lower interest rate. In the end, most are locked into a mortgage that will last from 15 to 30 years. As the months start to roll by, losing a large chunk of that paycheck will start to get old. Fortunately, there are ways to pay off a mortgage more quickly.
The first option is to pay more than the minimum loan payment each month (or increase the frequency of the payments). Increasing the amount of each payment will ensure that extra dollars are being applied directly to the principal. This will reduce the amount of interest paid over the life of the loan, therefore, allowing for a quicker pay off.
Another option to consider is to refinance the loan with a different lender with more favorable terms. This could all you to secure a pay off date that isn't so far into the future. This is a great idea if interest rates have dropped since the mortgage was first installed. Refinancing at a lower interest rate can help you pay off your mortgage faster but it will likely impact your monthly payments.
Finally, here is a creative approach that may work for you especially if you collect a paycheck every two weeks. Split your monthly mortgage payment in half. Send payment for that amount to your loan provider every two weeks. This approach allows you to submit one extra monthly mortgage payment each year. This added payment goes directly toward the principal and can cut years off of the life of your loan. Check with your lender they may have options like this that you can enroll in right from origination.
With over 18 years of experience, Jessica is licensed New Hampshire and Massachusetts. A proud member of the National Association of Realtors, Jessica values the highest code of ethics and standards expected of her. As a seller’s agent, she uses the most current market information to properly value the property. In addition, with her experience she is able to assist sellers on the best ways to improve homes so they can solicit the highest offers. Jessica works with a cutting edge marketing & social networking firm to obtain the maximum exposure for all of her listings. Known for her negotiating skills, she has a passion for working with buyers providing knowledge of what to expect & peace of mind throughout the process. In addition to what Jessica provides as a buyers agent, she works closely with a team of experts so it’s a “one stop shop” for all her buyers. In addition to her real estate career, Jessica is also a licensed loan originator in N.H. Combined with her expertise in both real estate, mortgages and finance, Jessica has a full understanding on the home buying and selling process. In today's real estate market it is so important for sellers and buyers to work with an agent who has great skill set and experience.
