0
The day that a homeowner pays off their mortgage is a memorable and exciting day. They have purchased their own home, which is an accomplishment that would make anyone feel proud. If you have a mortgage through Bank of America, here are some ways that you can pay off your debt more quickly.
Pay Off Smaller Debts FirstThe first thing you need to do is focus on paying off your smaller debts. The faster you pay off your credit cards, vehicles, and other debts, the less you will pay in interest rates, which helps you save more money in the long term. As you pay off smaller debts, use the money that usually went towards those payments and add it to your current mortgage payment.
Use Your Yearly Tax Refund CheckIf you get a yearly income tax refund, instead of spending that money on a vacation or luxury purchase, apply your refund towards your Bank of America mortgage. If you do this consistently, you could pay off your home an entire year or two earlier than originally planned. Combined with other ways to pay off your mortgage, this technique can help you become a genuine homeowner a little sooner.
Refinance Your Loan For A Better Interest RateYou can also pay off your mortgage faster if you refinance your mortgage in order to get a better interest rate. When you pay less interest, you can pay off the principal of your loan more quickly. If your home payment goes down, keep making the same monthly payments so that you can pay off your mortgage a bit faster. When you refinance, make sure that there is no financial penalty for paying off your loan early.
Make Paying Off Your Mortgage A Personal GoalAlthough a mortgage is a large debt that can sometimes seem overwhelming, you will be surprised how quickly you can pay off your mortgage if you make it a personal goal and family priority. When you get a bonus at work or a birthday check from a relative, apply that extra money towards your mortgage. A little sacrifice on your part now can help you achieve your dream of truly owning your own home.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
How can a homeowner avoid foreclosure when their mortgage is held by Bank of America?
A home owner can avoid foreclosure when their mortgage is held by the Bank of America in one of the following ways: Contact them, they can workout ways to assist with payments or reduce the cost of mortgage to fit in with one's budget.
Where can one find the average rates on refinancing a mortgage in America?
The Bank of America is a trusted site that is not only extremely reliable but contains a wide range of advice so you will be sure to find ways of refinancing a mortgage.
How does one apply for an ING direct mortgage?
There are many ways to apply for an ING direct mortgage. It would be best to ask the loan lender, such as Wells Fargo, CitiBank or Bank of America for advice on this.
What is the current home mortgage rate offered by the Bank of Scotland online?
Home mortgage rates change often. The current mortgage rate offered by Bank of Scotland is 18%. They also provide ways of bringing down your mortgage rate with a refinancing.
How can one figure out if the bank is offering the best deal for a mortgage?
There are several ways to figure out if the bank is offering the best deal for a mortgage. The interest rate on the mortgage is an important factor, lower is better. The length of time over which the mortgage is being paid is important too.
Where can one apply for a Chicago mortgage loan?
One can apply for a mortgage loan in Chicago in a couple of different ways. One can get on contact with a mortgage company, and their own broker, or one can go through a bank.
How can I pay a mortgage faster?
There are a couples ways to pay off your mortgage faster. One would be to refinance. Another is to make larger payments. Still another is increase the number of payments you make per year. http://www.fivecentnickel.com/2009/06/03/how-to-pay-off-your-mortgage-early/
Where can mortgage loans with no closing costs be found?
One can get mortgage loans with no closing costs by two ways. One is that the bank will waive them, or the other way is that one has to get a slightly higher rate.
Where can one get information on how to get a lower monthly payment on a mortgage?
There are many ways in which one can gain information on how to get a lower monthly payment on a mortgage. The most reliable way is to go to your bank for advice.
What are ways to get a loan mortgage?
A mortgage loan is typically applied for from a bank or mortgage broker. One must provide personal information such as name, address, and phone number. There are also requirements for proving that one has sufficient income and/or savings to purchase a home.
Where online can one find information on mortgages with no closing costs?
Bank Rate is a website that explains the different ways a consumer can get a mortgage with no closing costs. This site explains the benefits and the problems with getting this type of mortgage.
Where can one find info on how to obtain a mortgage?
There are many ways in which one can find info on how to obtain a mortgage. This includes going to their local bank branch, seeking the advice of a financial adviser, or blogs and forums dedicated to the subject.
