5 Ways to Pay Off Your Mortgage Early

View of Wilmington North Carolina from across the river

Purchasing a home is a dream for pretty much everyone but taking on mortgage debt can feel like an uphill battle. Pay off your loan faster and save more money in the process by following these 5 easy tips!

Biweekly Mortgage Payments

To pay off a mortgage faster and pay less in interest over the loan’s lifetime, some homeowners choose to make bi-weekly payments instead. Bi-weekly payments mean that you’re paying half your monthly amount once every two weeks instead. There are 52 weeks in a year, so this works out to 26 bi-weekly payments or 13 monthly payments.

Make an Extra Payment Annually

One of the easiest ways to save money on your mortgage is by making an extra mortgage payment each year. These extra payments are automatically applied on your principal, not interest. Not only does your remaining balance drop, but you will not have to pay interest each month on that principal for the remainder of the loan term.

Cut Your PMI

Many buyers take advantage of low down payment options which incurs a private mortgage insurance (PMI) fee because their down payment is less than 20 percent. These buyers, however, can petition their lender to cancel the insurance as soon as their mortgage balance falls below 80 percent of the home’s appraised value. If your home’s value has gone up or if you have repaid some of the principal, it might be time to cut your PMI and save on your monthly payment.


You have a few refinancing strategies to choose from in order to pay off your mortgage faster. First, you could choose to refinance at a lower interest rate and apply the savings toward your principal. Second, you can shorten the loan from a 30-year loan to a 15-year loan and take on the higher payments until the loan is paid off. Finally, if you already have a low interest rate, you could save on the closing costs of a refinance and simply pay on your 30-year mortgage like it’s a 15-year mortgage.

Financial Gains

Take advantage of any financial windfalls or gains that come your way. Applying incoming funds like tax refunds, work bonuses, family gifts and inheritance sums can go a long way in paying down your mortgage quicker!

6 Strategies to Get a Better Interest Rate

While market conditions obviously play a major role, there are some qualifying factors within the buyer’s control that can help secure a lower interest rate. Here are six smart strategies to consider!

5 Tips to Prep Your Home for the Holidays

There’s nothing like being home for the holidays! Filled with traditions and family, the holiday season can give so much joy yet require a lot of prep work. Get ready with these home prep tips!

5 Tips for Choosing A Reliable Home Inspector

Doing a quick search for home inspectors in your area will come up with numerous options, but as with so many professions, some inspectors are better than others. Here are some handy tips that can assist you in your search for a reliable home inspector!

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Equal Housing Lender LogoALCOVA Mortgage LLC | NMLS#40508 | (www.nmlsconsumeraccess.org)
Licensed in AL, CO, DC, FL, GA, KY, MD, NC, OH, PA, SC, TN, TX, VA, WV | 308 Market St SE, Roanoke, VA 24011











Equal Housing Lender LogoALCOVA Mortgage LLC | NMLS#40508 | (www.nmlsconsumeraccess.org)
Licensed in AL, CO, DC, FL, GA, KY, MD, NC, OH, PA, SC, TN, TX, VA, WV | 308 Market St SE, Roanoke, VA 24011