Owning a home is the epitome of the American dream; however, dealing with monthly mortgage payment can be a hassle for everyone. If you’re interested in paying off your mortgage early and are tired of dealing with fixed monthly payments, you should consider paying more on your loan principal monthly to pay it off sooner.
Things to consider in regards to your mortgage
Before you pay off your mortgage, you should consider whether your mortgage contract has any prepayment penalties. Prepayment penalties are stipulations in mortgage contracts that restrict you from paying more than your principal loan amount within a calendar year.
Not all mortgages have prepayment penalties attached to them; however, it’s essential to verify your mortgage’s exact terms before making extra monthly payments to ensure you won’t face any harsh penalties. If you’re interested in paying off your mortgage early but want to make sure you won’t face stiff penalties, continue reading to find out more.