a lot of consumers who are having a hard time in making their house payments
New York, NY (PRWEB) October 20, 2015
Debt Consolidation USA shared in a recently published article some of the ways consumers can help expedite their mortgage payments. The article, titled “Mortgage Payment Tips To Expedite Your Pay Off,” lists some payment options homeowners can undertake to be able to pay off their houses in full faster.
The article starts off by pointing out that there are a lot of consumers who are having a hard time in making their house payments. This difficulty can lead to delinquency and ultimately default on the property. Apart from a busted credit score, the consumer would have to start all over again with their mortgage loan.
One of the ways to expedite the payment on the house is to check if they are qualified to refinance their mortgage loan at a lower interest rate. If they are, it might be a good idea to do so but make the same payment. Paying more than the minimum amount can help pay off their house faster. Refinancing can be done again as long as their credit score has improved to warrant lower interest rates from lenders.
The article also suggests a time-tested financial hack of making extra principal payment against their mortgage loan. The way this works is that homeowners, while making their monthly payment, can send additional payments over to their principal amount. This is the amount that they borrowed and the amount the interest is being assessed on. The lower the principal, the lower the interest payment can be.
The article also suggests that homeowners can choose to make extra monthly payments to pull their pay off dates closer. To read the full article, click this link: https://www.debtconsolidationusa.com/personal-finance/4-mortgage-payment-tips-to-expedite-your-pay-off.html