While you love your house, you could likely do without the mortgage payment. For many, having a mortgage is another part of being a homeowner. That said, there’s no need for you to be saddled with a mortgage payment a minute longer than necessary. Learn tips on writing off your mortgage faster.
Take Care of Other Debts
Your mortgage isn’t your only financial obligation. Sit down and take a look at all your other debts and decide what you can pay of first and fastest. Once you’ve paid that debt off, you can funnel the monthly amount you were paying into your mortgage to take care of it faster. This is a great snowball effect that can get you out of debt and help you pay your mortgage faster.
Make Biweekly Payments
Rather than a monthly payment, look into making biweekly payments. The way it works is that you make half your mortgage payment every two weeks, which equals 13 payments a year rather than 12. The benefit of this is that you can knock off eight years from a 30-year mortgage payment, like the kind offered by Sun West Mortgage. That said, the total time you knock off from your payment schedule depends on your current interest rate.
Look Into Refinancing Your Mortgage
If it’s been a few years since you started paying off your mortgage, and if your credit score has improved since then, you may qualify for refinancing your mortgage. With refinancing, you can get a lower monthly payment and a lower interest rate. The trick to paying off your home early is treating your mortgage as if it’s the same amount. Anything more than your new monthly amount can go toward the principal.
Save Money in Other Ways
Go through your daily, weekly, and monthly spending. Are there any areas where you can make cuts? For instance, rather than buying coffee every morning before work, you can brew and bring your own. Rather than eat out, cook more at home. There could also be subscription services you could do without. By making sacrifices for the sake of saving money, you have more to funnel into your mortgage payment. There’s nothing wrong with making short-term sacrifices in exchange for long-term gain. Your future self is sure to thank you.
Use Your Tax Refund or Bonus
The next time you get a bonus at work or your tax refund in the mail, use it to pay down your mortgage. It’s understandable that the last thing you want to do with a refund or bonus check is be financially responsible, but there’s nothing quite like the feeling of financial peace of mind, which lasts longer than the momentary thrill of a shopping spree.
With a bit of dedication and perseverance, you can have your mortgage paid off faster than you know it. See how these tips work for you.