When it comes to paying off your loan early, there are a few things you should know before you commit to this option. Affordable Interest Mortgage is here to let you know what you should be aware of and the risks to watch out for. If you're one of the fortunate Colorado homeowners who have the means to pay off their mortgage loan early, you could be saving yourself money, time, and headaches in the future.
What Is an Early Payoff Loan?
When deciding to pay off your mortgage loan early, this means you have the money in full now and are ready to use it to pay off the existing debt on your Colorado home completely. You'll have to call our team and let us know that you're planning on paying off your loan early and need to request the adjusted balance. From there, you'll make a complete payment that will then pay off your Colorado mortgage. After you complete our early payoff mortgage loan, you'll no longer have this financial burden hanging over you.
The Advantages for Our Colorado Homeowners Are Endless
The benefits of our early payoff loan are monumental. By eliminating your future payments and paying everything in one swift outlay, you no longer have to pay the money you would have otherwise spent on the interest rates for those months you cut short. Colorado customers like you will save money in the long run because you're spending the majority of the money on the amount you actually owe.
Read All Fine Print
With an early payoff loan, it's crucial to check your specific loan thoroughly and whether there's a possibility for a complete payoff option. Since Colorado banks make money off your interest rate, some loans aren't available to pay early. It's important to note that, depending on the type of loan you're paying off, there may be prepayment penalties. Federal law has since prohibited some mortgages from serving Colorado customers with prepayment penalties. However, this isn't protected with all loans. Therefore, it's best to consult our team before you make any choices incompliant with your type of loan.