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Get the Mortgage Monkey Off Your Back!

Did you know? Only 34% of Americans own their homes free and clear. All other homeowners have a mortgage they're chipping away at. If you have a mortgage, you may want to consider paying it off early.

Before you begin, you should know...

Some states allow lenders to implement prepayment penalties, which means it could actually cost you more to pay off your mortgage early. Regulations vary per situation, so before you proceed, find out from your lender if you'd face a prepayment penalty on your mortgage.

If there is a penalty...

Decide if it's worth it to you. Fines are typically a percentage of the mortgage itself. Carefully evaluate the risk versus reward before committing. 

If there is no penalty...

Start chipping away at your principal as soon as you can. The first five years is the best time to make additional payments toward your principal. 

Make sure you talk to your bank or lender and tell them your plans before you get started. If you want to learn more about these best practices, talk to a mortgage professional— or call me for a referral!

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