Quote:
Originally Posted by motion
I poked around my Wells Fargo online banking account and can see how I can setup extra payments to be credited to my mortgage every week, 2 weeks, monthly, etc. This is a great way to cut 8-12 years off of my mortgage by kicking in an extra X dollars per month. I have a 30 year fixed with 25 years remaining. My interest rate is 6.25%, which isn't great, but I'm self employed and unable to refinance.
Any other good strategies for accomplishing this that might be more intelligent?
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They are doing 15 year mortgages at 3.0-3.25%. We are getting ready to pull the trigger. My monthly payment will go up, $50 or so, and we'll cut 11 years off the mortgage.
And THEN we can start paying the thing faster...