- August 12, 2008 at 1:39 pm #261670
always rounded off our payment to the next $100 increment at least. There
are a couple times a year when DH gets a ‘free’ paycheck –
when no insurance or dues come out – and then we pay $300-$500 extra.
I find it easier to add it monthly and designate it toward principal rather
than send a total extra payment at another time. According to our
amortization schedule we are about 4 years ahead! I am also NOT loyal to
any mortgage company, especially since they will sell the note on a whim!
We have refinanced once in the past 5 years and will do it again in a heartbeat
when I can knock off another percentage point off the interest rate. I
was hoping with the financial situation what it is the feds would cut the rates
but no such luck for me yet. **Side note – we ONLY refi the
balance; I don’t recommend a total refi with the cash out option since we’re
trying to reduce debt instead of making more for ourselves. When
possible, we will also reduce the term limit.
What action steps are you taking to pay off the mortgage? Are you increasing
the payment every month, or are you sending in checks toward principal when you
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