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A loan agreement with a pen and a calculator.

Refinance While Interest Rates Are LowInterest rates were just reduced to almost zero. If you have a higher interest mortgage on your home or property, it's a great time to look into refinancing. Some mortgages don't even have to be refinanced, they can be adjusted downward with just a small fee.

 

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Pay Mortgage Bi-weeklyYou can pay your mortgage payments bi-weekly, rather than monthly. Two more payments a year adds up a lot of savings over several years. I shaved several years off my mortgage by doing this.

 

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Bi-Saver Mortgage PaymentsIf you are in good standing on your Mortgage payments, many banks will put you on Bi-Saver payments which means that you pay one half of your monthly mortgage payment every two weeks.

 

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Pay Off Your 30 Year Home Mortgage in Only 18 YearsPaying one additional mortgage payment each year, whether in a lump sum or monthly increments, can lower a 30-year loan down to 18 years. If you pay more than one extra payment, the number of years will decrease even more.

 

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Refinancing - Points Vs. No PointsWhen refinancing a home mortgage you will get a lower interest rate if you agree to pay 1 or 2 "points". The loan manager may offer you "6.75% with no points" or "6.25% with 2 points".

 

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Borrowing Against Your Home EquityBorrowing against your home equity looks good on paper. But don't do so, unless it's a dire emergency, such as a medical emergency.

 

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