You’re not imagining it. Life really is getting more expensive. Americans are feeling the economic pinch across the board, with the cost of gas, groceries and everyday essentials increasing exponentially! Add to this an inflated real estate market, skyrocketing property taxes and spiraling homeowner’s insurance premiums, and it is no wonder that families just like yours are desperate for ways to pay off their mortgage as quickly as possible. After all, don’t we all deserve some financial freedom?
But help is out there! We spoke with mortgage expert, Irina Saveliev, to discover how you can cut years off of your mortgage payments with Paidoff's Much Faster Formula.
Irina is the founder of Denver-based mortgage company Paidoff. However, she’s more commonly known as The Mortgage Breaker. She’s earned this well-deserved moniker from her commitment to educating and helping others to knock years off their mortgage repayments.
She has three mortgage pillars which guide her advice for homeowners:
Number 1: Principal First, not interest.
Number 2: Simple Interest, not compound.
Number 3: Unlimited payments, without restrictions from your bank.
By following these guiding principles, you could reduce the amount of time it takes to pay back your mortgage by years, if not decades.
Irina’s company, Paidoff, has taken years of mortgage experience (and those all-important guiding principles) and come up with four easy ways to help you pay back your mortgage Much Faster…
1. Make Extra Payments. The first step that Irina encourages homeowners to take is to make extra payments against the principal whenever possible. This might mean having to make cuts to your household expenses to free up funds for extra mortgage payments. This can be tricky, but Paidoff can help you if you are feeling the pinch.
2. Make Bi-Weekly Mortgage Payments. One way which Paidoff encourages making extra payments is to shift to a bi-weekly payment schedule. Why? Well, making payments every two weeks rather than just one each month means that you actually make the equivalent of 13 monthly payments per year, rather than 12. That extra payment can go a long way, reducing interest accumulation and ensuring that your principal loan is reduced year on year.
3. Refinance To Shorter-Term Loan. A shorter-term loan does what it says on the tin: your repayment period is substantially shorter than the average 30-year mortgage. In theory, this means your mortgage is paid back quicker, but it usually results in higher monthly payments. Therefore, you should consult with an expert mortgage advisor before committing to a more intensive payment plan and always ensure you have an emergency fund in place!
4. Choose A 30-Year First Position HELOC. The final option in Paidoff's Much Faster Formula, is to use a HELOC (that's a home equity line of credit) to ensure that your payments go directly towards the principal loan rather than the interest. Refinancing to a HELOC also allows you to make unlimited payments, meaning that there is even more scope to pay off the mortgage when you can afford a little extra!
One last piece of advice from Irina, a.k.a. The Mortgage Breaker, is to ensure that you are taking every precaution to secure your financial security. You need to know you can afford to make more or higher payments before you commit to any new repayment plans. And it is important that you choose a mortgage plan that is going to work for your personal circumstances.
That is why Irina encourages homeowners to consult with a mortgage expert to ensure they don’t get caught out. Paidoff can help get your finances in order and find you the best refinancing options for your mortgage. You can speak to their expert team today by giving them a call or clicking the link in the description.
Paidoff
City: Denver
Address: 600 South Cherry Street
Website: https://www.thepaidoff.com/
Phone: 13038708337