Mortgage Hacks That Will Save You Money | Stellar Finance Group A mortgage is one of the biggest financial commitments most people will ever make. So it’s important to do everything you can to save money on your mortgage.
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Here are a few mortgage hacks that can help you save thousands of dollars:
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⚫ Make extra payments. Even if you can only afford to make an extra $50 or $100 each month, it will add up over time and help you pay off your mortgage faster.
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⚫ Switch to biweekly payments. Biweekly payments are basically half of your monthly payment made every two weeks. This results in you making an extra full payment each year.
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⚫ Refinance to a shorter loan term. If interest rates have gone down since you got your mortgage, you may be able to refinance to a shorter loan term and save money on interest.
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⚫ Shop around for a better mortgage rate. Don’t just accept the first mortgage rate you’re offered. Get quotes from multiple lenders to make sure you’re getting the best possible rate.
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⚫ Consider a shorter loan term. A 15-year mortgage will have a higher monthly payment than a 30-year mortgage, but you’ll save a lot of money on interest in the long run.
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⚫ Make a larger down payment. The larger your down payment, the smaller your loan amount will be and the less interest you’ll pay over the life of the loan.
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⚫ Pay off high-interest debt first. Before you start making extra payments on your mortgage, focus on paying off any high-interest debt you have, such as credit card debt.
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⚫ Take advantage of tax breaks. There are a number of tax breaks available to homeowners, such as the mortgage interest deduction and the property tax deduction.
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