Why pay off your Virtual Mortgage early?
Some Clients will keep their GriotPay Credit Service for its full term. Web Property Owners who plan to sell their web design and/or Custom Web Property usually aren’t concerned about paying off their Web Property mortgage early. Our "early buyout' term allows you to pay the full balance of your payment terms before the end of the agreed upon terms. Paying off your credit line early could lower your total buyout price.
Five ways to pay off your mortgage early
There are a few ways to shorten your credit term and save a ton of money in interest on your virtual mortgage.
Refinance to a shorter term
• The 12 month GriotPay credit is most popular, but WPO's may choose to shorten their credit terms. Shorter repayment periods mean higher monthly payments, but less interest over the life of the allotted credit or virtual website loan.
Make extra principal payments
• Another way to pay off your GriotPay credit line faster is to simply pay extra when you’re able to do so.This means you can pay extra money toward your GriotPay Credit balance each.
• Many Web Property Owners make extra payments on their credit line’s principal when they get an income tax refund. Extra principal payments can have a big impact on paying off your Web Property early and saving a few bucks in the process.
One of the easiest ways to make an extra payment each year is to pay half your virtual mortgage payment every other week instead of paying the full amount once a month. This is known as “bi-weekly payments.”
When you make bi-weekly instead of monthly payments, you end up adding one extra payment by the end of the term.
If you wish to pay additional payments on your credit line, simply log into your GriotPay Credit Portal.
Early Buyout Payments
• Paying off your virtual mortgage early lets you use the money you would have paid each month for other purposes, like investing in more features for your Custom Web Development.
• Reduce your balance by making lump-sum payments towards your principal when you can.
