Pay Your Mortgage Off in Half the Time

By: Vanessa Araiza Email
By: Vanessa Araiza Email

Owning your own home can be a joy but in this tough economy it can sometimes become a burden.

That's why more people are looking for ways to get rid of one less bill.

“We're seeing people actually live on a budget. Things that we as Americans haven't done in awhile but we are actually seeing people put a budget together live within their means,” said Regions Bank Branch Manager, Connie Wehner.

Over the past year and a half Wehner has seen an increase in the number of people looking for ways to pay off their mortgage.

“We are seeing them make double payments. Some like to make two payments a month some are doing some principal reduction once a year. But they're being very creative and they're finding ways to look at making an interest payment but making extra payments on the principal each month,” said Wehner.

Wehner says even if you're already living on a tight budget the smallest change can have a big impact in the long run.

“Just say you want to be real conservative you want to pay another $100 you’re turning a 360 month loan into a 252 month loan,” said Wehner.

If you're not able to make that extra payment you can still cut years off your mortgage.

“If folks have a 6-percent mortgage we will sometimes suggest t them they just refinance, restructure the debt have a lower payment but continue to pay that higher payment,” said Wehner.

With low interest rates Wehner says now is a good time to look at refinancing.

You're credit score will be taken into consideration but Wehner says scores in the 600's have been approved for refinancing.

Experts say the biggest factor to live by when trying to pay off that dream home of yours is to live within your means.

“Do the thing that we hate most, get on a budget we hate a budget because it tells us we think it restricts us but a budget actually frees us up if we live on it,” said Wehner.

Wehner says by making just one extra payment a year you can cut a 30 year mortgage in half.

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