Another way to pay off your home equity mortgage loan early is to make extra mortgage payments.
Extra mortgage payments are payments you make on your home equity mortgage loan, that are bigger in amount than regular mortgage payments.
Examples of extra mortgage payments include "increased payments," where your payment is increased in some way, and "double-up payments," where your payment amount is exactly doubled.
When you make extra mortgage payments on your home equity mortgage loan, you'll repay your principal (the amount you borrowed) faster and have less principal to be charged interest on. And when there's less principal to repay and less interest to pay, you'll pay off your home equity mortgage loan — early. |