Most people would rather be out of debt sooner than later. However, the benefits of shortening your repayment period may not be as obvious as they seem. Here are some additional benefits to reducing your repayment period that you can factor into your decision.
Don’t overlook another potential savings area: Private Mortgage Insurance (PMI). If you home’s current market value has increased and you can reduce your loan-to-value ratio below the lender’s threshold for requiring PMI, this could allow for a monthly savings.
Ready to run the numbers? An experienced loan consultant can also discuss benefits and factors to consider whether reducing your repayment period will work for you. Call (800) 451-1895.