How Do You Cut A 40-Year Mortgage In Half?
For most families a home is the most expensive purchase and sometimes investment. Individuals might buy a house for $100,000, but with a 40-year mortgage at 6 percent interest rate the house will cost them over $267,000. The overage being pay is the interest rate on the mortgage. One of the best ways to reap the rewards of your home is to cut your mortgage in half. Talk to your lender to refinance your mortgage to lower your payments. Depending on your initial 40-year mortgage, you might be able to refinance your loan by reducing the interest rate of your current loan to a lower interest rate percentage. This will lower your interest payments, in which case the remaining funds can go towards your principle payments to half your mortgage. Research government programs such as the Mortgage Modification Program. Currently the government is offering opportunities for individuals who need assistance with paying their mortgages. This program has four different plans that enable homeowners to
