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Paying off your mortgage faster

By Edited Aug 3, 2016 0 4

Having a mortgage is a good thing. You are buying something to own instead of renting. However taking the whole time needed to pay off a mortgage can mean less money for you and your family. Interest rates are high and we all know that getting the mortgage paid in full is the ultimate goal.

I know in these hard times some of what I might suggest may not work for anyone but these are just some ideas in order to get your mortgage paid off faster.

Idea number 1 First if you have extra space consider having a renter in your home. Or I would like to call them a roomate. Have them pay you every month and take that money and stick toward your mortgage payment. By doing this and paying what you are already paying it will be paid off a lot faster. This is only an idea but I think it is a good one.

Idea number 2 Consider paying more toward your mortgage. I know this is a hard one but paying an extra 100 dollars can really get the mortgage paid a lot quicker than paying what you owe every month. Only do this option if you are able too.

Idea number 3 Look at what you pay out every month and lower your bills. Shut off the cable, and even lowering your cell package can give you extra money to pay off the mortgage debt. Look at this way once your mortgage is paid off you have more money to work with every month.

Idea number 4 Try working online or selling online. Both ways can give you a boost to your monthly income and you could place what you make online toward the house note. There are people making good money online just surf around and see what you feel you could do to increase your income.

Idea number 5 Lower your interest rate or refiance your mortgage this may be a benefit but make sure you read all the paper work before doing so. You need to know what you are signing that way you are not paying more than you were before.

My last idea is to pay off other debt quicker so you can have more money to pay off the mortgage. When I say other debt I mean student loans, credit cards, and store credit cards. These are all things we owe and getting these items paid off can lessen what you pay monthly and give you more money to put toward getting the mortgage paid off. I hope all these ideas will spark people to get their mortgages paid of faster. Thanks for reading my article and feel free to leave comments.



Apr 2, 2010 9:27pm
Any additional money that can be paid towards the principle each month causes you to pay less in interest over the life of the loan.
Apr 2, 2010 11:43pm
Even just adding a extra payment a year makes a huge difference over the life of the mortgage. Good Article
Sep 28, 2010 8:55pm
This article is nothing short of amazing, and I enjoyed reading it.
Mar 23, 2012 9:24am
I love articles like this that give simple, smart advice that can save you a fortune.
A lot of people have the mindset that a home loan has to take 20-30 years to pay off.The banks want you to think like this. The more you overpay above the standard monthly repayment, the less interest you pay in the long run and the more of your own hard earned money you get to keep.
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