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Saving On Your Mortgage Painlessly

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You can round the payment you make on your mortgage to the nearest hundred, fifty, etc. You'll save THOUSANDS in the long run and pay your mortgage off earlier... as your payment drops.. keep sending the same amount since your accustomed to it. : )
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- Submitted by LADY_KATHY 5/1/2010 in Saving Money | 7 Comments
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UNICORN212 5/1/2010 11:33:00 PM

    We paid our mortgage off in 10 years this way. At first I just added $100. I kept adding to it, including tax refunds, etc. Eventually I was paying $2,000 on a $700 mortgage. We paid only $18,000 in interest. And when my DH lost his job, my paycheck was more than enough to carry us through since we did not have the mortgage to worry about.
KAKIPOPUP 1/8/2011 4:56:00 PM

    I do this also -
MOMMA_BEAR_69 1/8/2011 1:27:00 PM

    DH and I have done this since buying our home. It is exciting to see how fast our principal has gone down.
LEROYJL 5/3/2010 12:42:00 PM

    emoticon emoticon I SEND $50.00 OVER THE AMOUNT OF MY MORTGAGE TOWARD THE PRINCIPAL PAYMENT. IT SURELY HAS GONE DOWN QUITE ALOT.
RNSHARON 5/2/2010 10:08:00 AM

    This is an EXCELLENT financial goal. We have used this with our rental properties and you would be amazed at how the rounding up helps in the long run. DO NOT let those "offers" to have a bi-weekly mortgage payment sucker you in.

If you have a mortgage without a pre-payment penalty, you can make bi-weekly payments on your own (or just add 1 extra payment a year - that's what it really does for you).

These offers usually come with a "one time set up fee" of around 300-400 dollars. Totally a scam and unnecessary. I think I'll post this as a separate secret too since it makes me CRAZY when I get those offers and think about people paying that fee! emoticon
BROWNIEISLANDER 5/1/2010 2:12:00 PM

    This is what my hubby and I did..........round off to whole no: emoticon
818VALERIE 5/1/2010 12:12:00 PM

    i do this, too

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