What would you do if you didn’t have to make a mortgage payment every month? I don’t know about you, but I can think of a few things. 🤔 Just because you take out a 30-year mortgage doesn’t mean you have to take 30 years to pay it off. Let’s look at 4 hacks you can start today to pay your mortgage off early.
Hack #1 – MAKE AN EXTRA PAYMENT A YEAR. There are 12 months in a year, so simply take your mortgage payment, divide by 12, and add that amount as an extra principal payment to each monthly mortgage payment and BOOM! – an extra payment a year.
Hack #2 – MAKE BI-WEEKLY PAYMENTS. This means simply plitting your mortgage payment in half and making that halfsie payment every two weeks. In the end, you’ll have made an extra payment during the year! You’ll need to contact your loan servicer to set up bi-weekly payments. Check out our video on Bi-Weekly Payments for more info.
Hack #3 – SURPRISE MONEY PAYMENTS. When you happen upon some extra cash from a tax return, work bonus, inheritance, or a random refund check in the mail – “surprise money,” as I like to call it – throw that money right onto your mortgage as an extra principal payment.
And finally – Hack #4 – KEEP THE SAME BUDGET. When your income increases (new job or a raise – woohoo! 🎉), instead of increasing your standard of living, keep your budget the same and put that extra money onto your mortgage.
Of course, there are other mortgage hacks out there, so you’ll just have to call your Homespire Loan Officer to get more insider info. 😊 Visit https://www.homespiremortgage.com/loan-officer-search/ to find an LO near you.