The Nature of Paying Off Your Mortgage Faster

When you are ready to refinance, paying off your mortgage early becomes a distinct possibility. You can seize the advantage with prevailing low mortgage rates, and cut down your mortgage term. And don’t forget: a shorter term means you can pay off your mortgage faster!

To determine if a lower interest rate or a different mortgage term could save you money, speak to an Intelliloan Loan Specialist at (800)-470-7750, or simply fill out this form online.

You have several options for paying off your mortgage early. Every day we are helping people pay off their mortgage faster and save money by refinancing.

Time-tested Loan Options to Pay off Your Mortgage Early

You can refinance up to 97 percent of the primary value of your home. You can buy a primary home for a down payment as low as three percent.

  • Your monthly payment will be determined according to your principal loan amount, your interest rate, and your amortized interest over a 15-year term
  • Your payment will remain unchanged throughout the term of your loan
  • Your actual payment will vary depending on your situation and the prevailing rates at the time of your application
  • You are free to pay your mortgage any time without incurring prepayment penalties

You may qualify for an FHA loan with a credit score as low as 580. You can refinance up to 97.75 percent of the primary value of your home. You can buy a home with a down payment as low as 3.5 percent.

  • Your actual payment will vary depending on your situation and the prevailing rates at the time of your application
  • You are free to pay your mortgage any time without incurring prepayment penalties
  • Loan terms of 15-, 20-, 25-, and 30-year are all available at fixed rates
  • You can also choose a 5-year ARM (adjustable rate mortgage)

Compared to a conventional loan, you could qualify with more debt and a lower credit score. With a VA loan, you can have lower interest rates, resulting in a lower monthly payment and a shorter lifespan of the loan since you will be able to pay off your home even faster.

  • Expect better interest rates than lines of credit and home equity loans
  • Use VA cash-out refinance to borrow up to 100 percent of the value of your home
  • If you already have a VA loan, you could still possibly refinance up to 120 percent of the value of your home

Faster Repayment – Benefits

A faster repayment means you will be able to own your house outright faster than you would with the current mortgage. Paying off your loan early could place you at a financial advantage over time, while saving you a significant amount of interest.

Faster Repayment – Limitations

Just like lengthening your loan period reduces your monthly payments, shortening your loan period inversely means increasing your monthly payments. Speak to an Intelliloan Loan Specialist to evaluate what your new monthly payments and loan term could be.

Call us now at (800)-470-7750, or complete this online form. Our home loan specialists will answer your questions and will help you assess your options so that you can attain the right mortgage based on your financial proclivities. 

The Smart Choice for your
Home Mortgage Needs