Victoria Araj is a section editor at Rocket Mortgage and has held positions in mortgage banking, public relations and more during her more than 15 years with the company. A mortgage repayment schedule helps ensure that your mortgage is paid in full when you make your last scheduled payment. Many people struggle to decide whether to pay off their mortgage or build up savings, but in the long run, the benefits of getting rid of that mortgage are truly obvious. If interest rates go down, you may be able to reduce the amount you pay in interest by refinancing your mortgage.
Mortgage rates are rising, so refinancing may not be a good option for those who already have a decent rate. You can find out if your mortgage loan carries a prepayment penalty by checking your mortgage note or asking your lender. Making additional payments, refinancing or changing your payment schedule are all strategies you can use to pay off your mortgage early. Refinancing your mortgage is an excellent way to reduce your monthly payment and, at the same time, maintain your interest rate and avoid the charges associated with refinancing.
If your lender doesn't charge you a penalty for paying off your mortgage early, consider the following early mortgage payment strategies. Refinancing your mortgage allows you to save money on interest without worrying about fines or scheduling additional payments.
