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How to pay-off your home equity mortgage loan early

This mortgage-article will advise you on how to pay off your home equity mortgage loans early.

You can make accelerated mortgage payments or extra mortgage payments to pay off your home equity mortgage loan early.

Make accelerated mortgage payments to pay off your home equity mortgage loan early

One way to pay off your home equity mortgage loan early is to make accelerated mortgage payments. Accelerated mortgage payments are payments that pay off more of your home equity mortgage loan per year than normal monthly mortgage payments do.

When you make accelerated mortgage payments on your home equity mortgage loan, you end up making more payments in a year than with non-accelerated mortgage payments.

For example, with accelerated bi-weekly mortgage payments, you would be making one additional monthly mortgage payment on your home equity mortgage loan per year. And with more mortgage payments per year, you'll repay your principal (the amount you borrowed) faster and have less principal to be charged interest on. And when there's less principal to repay and less interest to pay, you'll pay off your home equity mortgage loan, EARLY.

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Make extra mortgage payments to pay off your home equity mortgage loan early

Another way to pay off your home equity mortgage loan early is to make extra mortgage payments. Extra mortgage payments are payments you make on your home equity mortgage loan, that are bigger in amount than regular mortgage payments.

Examples of extra mortgage payments include "increased payments," where your payment is increased in some way, and "double-up payments," where your payment amount is exactly doubled.

When you make extra mortgage payments on your home equity mortgage loan, you'll repay your principal (the amount you borrowed) faster and have less principal to be charged interest on. And when there's less principal to repay and less interest to pay, you'll pay off your home equity mortgage loan - early.

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Get more info about home equity mortgage loans. Contact The Mortgage Store Online's brokers by using the home equity contact form or by calling them at 1-866-880-2577.

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