Refinance and Pay Off
a Mortgage Faster
★ ★ ★ ★ ★
- 5-Star Rated Mortgage Broker
- Lower Your Interest Payments
- Full Assistance for Refinancing
- Residential and Commercial Loan Solutions
- Based in Los Angeles – Serving All of California
What type of property are you refinancing?
Single Family
Multifamily
Condominium
Townhouse
How will this property be used?
Primary Residence
Vacation Home
Investment Property
Estimate credit score
Excellent 770+
Good 660-719
Avg. 620-659
Below avg. 580-619
Poor <579
What type of property are you purchasing?
Single Family
Multifamily
Condominium
Townhouse
Are you a first-time home buyer?
Yes
No
How will this property be used?
Primary Residence
Vacation Home
Investment Property
Estimate credit score
Excellent 770+
Good 660-719
Avg. 620-659
Below avg. 580-619
Poor <579
Final Step
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Summary
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Why Paying Off Your Mortgage Early is a Smart Move
Paying off your mortgage ahead of schedule comes with incredible benefits.
If you’ve financed your home with a mortgage. Paying off your loan early gives you full ownership of your home and saves you thousands in interest over time.
Apply for a Home Loan Refinancing Program
Thinking about paying off your mortgage early? Make sure you have a financial cushion in place before making extra payments. With ID Mortgage Broker, refinancing to a shorter loan term or a lower interest rate is simple and stress-free.
We’re here to help you find the best mortgage solution in California—tailored to your financial goals. Contact us today and take the next step toward a debt-free future!
Have Questions? Reach us out.
In-Person at LA Office
1810 W Burbank Blvd #150, Burbank, CA 91506
Cell-phone
M-F 10 AM-5 PM (PST)
On-line
Simply e-mail or use online-chat
How to Pay Off Your Mortgage Early
Refinance to a Shorter Loan Term
Switching from a 30-year mortgage to a 20-, 15-, or even 10-year loan can significantly speed up your repayment. Thanks to today’s competitive rates, refinancing can help shorten your loan term while keeping your monthly payment manageable—often close to what you already paid.
Refinance to a Lower Interest Rate
A lower interest rate means more of your payment goes toward the principal. If you plan to stay in your home for at least three years, refinancing to a lower rate can save you thousands. Contact us for expert refinancing assistance in Los Angeles or anywhere in California!
Make Extra Payments Each Month
If your income has increased due to a new job, salary raise, or side hustle, consider putting extra money toward your mortgage. Even small additional payments—whether monthly, quarterly, or yearly—can shave years off your loan without straining your finances.
Make a Lump-Sum Payment
Received a tax refund, inheritance, bonus, or financial windfall? Applying a large one-time payment to your principal can significantly reduce your loan balance, helping you pay off your mortgage much faster.
Home Loan Refinance Process
4 Easy Steps to Your Debt-Free Life
Step 1 - Pre-Qualification
Talk to us to explore your refinancing options.
Step 2 - Start Loan Program
We shop for the best rates and terms—you choose what works for you.
Step 3 - Lock in Your Rate
Once we find the best interest rate for you, we’ll lock it in with the lender. This means your rate is secured for a set period, protecting you from market fluctuations while we finalize your loan details.
Step 4 - Closing
Finalize your refinance and start saving!
Benefits of Paying Off Your Mortgage Faster
Paying off your mortgage ahead of schedule brings several financial and lifestyle benefits. Here are the key advantages to consider when planning an early payoff:
Debt-Free Homeownership
Own your home sooner and eliminate the burden of monthly payments.
Save Thousands in Interest
The faster you pay off your mortgage, the less you spend on interest over the years.
No More Private Mortgage Insurance (PMI)
If you put less than 20% down, paying off your loan early means saying goodbye to costly PMI.
Less Financial Stress
Enjoy peace of mind knowing you don’t have a mortgage bill hanging over your head every month.
More Money for Your Future
Redirect those mortgage payments into savings, investments, or experiences that truly matter to you.
Pay Off Your Mortgage Faster in California – FAQ
Is it possible to pay off my mortgage early without incurring penalties?
Not all lenders in California impose prepayment penalties, but it’s crucial to check your mortgage terms. Some loans include fees for early repayment, while others do not. If paying off your loan early is a goal, be sure to shop for mortgage options without prepayment penalties.
Should I make bi-weekly instead of monthly payments to reduce my mortgage term?
Yes! Switching to bi-weekly payments means making 26 half-payments per year—equivalent to 13 full payments annually. That extra payment each year can significantly reduce your loan term and save you thousands in interest over time.
Would refinancing my mortgage help me pay it off faster?
Absolutely. Refinancing to a shorter-term loan—such as switching from a 30-year to a 15-year mortgage—can accelerate your payoff. While your monthly payments may increase, you’ll save a substantial amount in interest and own your home much sooner.
Is it advisable to pay extra on my mortgage principal each month?
Yes, applying extra funds directly to your principal reduces interest costs and shortens your loan term.
Can I use a lump sum to pay down my mortgage more quickly?
Yes. A large one-time payment—such as a tax refund, work bonus, or inheritance—can significantly reduce your loan balance, cutting interest costs and shortening your loan term. However, always check with your lender to confirm any restrictions or fees.
Is a mortgage recast an option to pay off my loan faster?
A mortgage recast allows you to make a lump-sum payment toward your principal, and your lender recalculates your monthly payments based on the lower balance. While this reduces your monthly payment, it does not shorten your loan term directly. However, with lower payments, you can apply more funds toward the principal to pay it off faster.
Should I prioritize paying off my mortgage over other debts or investments?
The answer, of course, is different for everyone, depending on your financial situation. While paying a mortgage early will save you interest over the long term, paying off high-interest debt or investing in opportunities to earn more than your mortgage interest rate might prove a better option. Consider your goals, other debt, and possible investment opportunities before deciding.
How can I best structure my budget to pay off my mortgage sooner?
Look at your monthly expenses and see where you can cut back. Apply that money to extra principal payments. Make a specific, long-term budget that calls for biweekly payments or lump sums, but ensure those fit within the big picture of your financial goals.
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