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.
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.
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.
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.
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".
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.