Pay faster to save a ton
A mortgage is officially repaid when you pay back what you borrowed – the principal. But, the amount of interest you’ll hand over to the bank is greatly affected by how long it takes you to make that final payment. In other words, you’ll get to hold on to a lot more of your hard-earned cash by doing one thing: paying your mortgage off faster. If you’re in a 30-year mortgage, switch to a 15-year. Sound intimidating? It’s not — we’ll show you how.
Do the math (the banks wish you wouldn’t)
It’s a simple equation, but bankers don’t want you to solve it. After all, big banks make millions of dollars from interest. Avoiding it is not something that’s in their interest (pun intended) to do. Have you ever noticed the interest accrued on your credit card?