Mortgage My Home Strategy Doubles Your Savings Instantly
How It Works
At its core, the 'Mortgage My Home' strategy involves taking a proactive stance on your mortgage management. This can include refinancing your existing mortgage to a lower interest rate, which can significantly reduce your monthly payments and the total interest paid over the life of the loan. For example, refinancing from a 4% interest rate to a 3% rate on a $300,000 mortgage can save you over $50,000 in interest over 30 years1.
Another component is making additional repayments. By paying even a small amount extra each month, you can reduce the principal balance more quickly, leading to a reduced interest burden and a shorter loan term. For instance, adding an extra $100 to your monthly payment on a $300,000, 30-year mortgage at 4% can save you nearly $30,000 in interest and cut your loan term by over four years2.