It’s that time of year again. We all need to calculate how much we will be getting back from Uncle Sam. Have you planned what to do with your tax refund? Are you interested in getting more out of this year’s refund? If so, be prepared for some shocking numbers.
Borrowers often overlook the value of extra mortgage payments. There are a few things you can do to shorten the time until you are debt-free. Yes, it is possible to own your home sooner by following a basic piece of advice. Consider putting a portion your tax refund to good use this year by making an extra principal payment on your mortgage.
So, how much can you really save if you pay one extra mortgage payment each year? Does $27,000 and 4 less years of mortgage payments sound like a good return? Yes, that would be the savings if you have a home worth $250,000 with monthly payments of $1,190. (If your house is worth more, you will save even more!) Taking a portion of your tax return each year equal to just one month’s payment would produce a quite a savings for borrowers, even if they are only paying 4% interest on their mortgage. It might be a small sacrifice each year, but imagine how memorable those last 4 years will be with no mortgage payment in addition to a tax refund! Call today and learn how much you can save by making one extra payment with your income tax return.
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