Shorten your Mortgage
Shave off years of your mortgage with vLoan!
I’m sure you wanted to pay off your mortgage like yesterday and we’re with you on this one. Although we can’t shave that much time off your mortgage, we can help if you refinance with a shorter term. This could literally save you thousands in interest and take years from your loan! Here at vLoan we offer fixed terms such as 10, 15, and 20 years. We even have the option to name your own term, cool right? This means you could do a 22 year loan if you have an exact date in mind!
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A shorter loan makes sense when you have a specific retirement goal in mind. Your golden years will be a blast, don’t let mortgage debt tug at your wallet and bring you down.
Want to know another perk? A shorter loan term builds equity faster. In a traditional 30 year loan, much of the first 5-7 years are spent paying a boat load of interest, with less going towards your principal. Shorter loans help stack up your equity quickly, so if you decide to move or cash out you’ll have more Benjamins to work with!
You’re committing yourself to a higher monthly payment compared to a traditional 30 year mortgage, so make sure you have at least a small pile of cash saved up in the bank. Sometimes unexpected expenses pop up and you’ll need that cash! It’s definitely important to pay off other higher interest rate loans before paying off your mortgage. So if you have car loans, credit cards, or student loans, it might make sense to pay those of first.
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