4 Tips For Paying Off Your Mortgage Early
If you own a home, then the notion "never making another mortgage payment in your life" probably sounds really tempting. And we'll bet that the idea of paying mere cents on each dollar of would‐be interest sounds pretty darn good, too.
However, embarking on the ambitious journey to pay your mortgage early is not for the faint of heart. If you are truly going to accomplish this lofty goal, it is going to require both significant sacrifice and meticulous planning. Fortunately, though, you will be walking in the footsteps of other dedicated and money‐wise individuals who have accomplished exactly what you are setting out to do. Learning from their example would obviously be a wise choice to make! Below, you will find a few of the most common tips and tricks that people who have paid off their mortgages early tend to recommend.
- 1. Pay Down More Expensive Debts Before Pursuing Early Mortgage Payment. There's little sense in utilizing your hard earned income to pay down a 4% APR mortgage when you have outstanding credit card debt accumulating at 15% APR.
- 2. Find Pragmatic and Sustainable Ways of Being Frugal. Saving money is a must for anyone who hopes to pay off their mortgage early ‐‐ but if you try to save money in ways that tangibly decrease your quality of life, you are unlikely to stick with it for long enough to make a significant impact. Instead, try out some of these pain‐free saving strategies.
- 3. Use Your Tax Refund and Other "Windfalls" to Make Payments. Money that is not part of your regular income stream is usually easier to part with ‐‐ so why not make a commitment to spend such income on a long term goal such as paying off the mortgage or other important debts.
- 4. Rent out Space in Your Home. Why not put your most valuable asset to work for you by renting out space through a service such as AirBnB or FRBO?
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