You already know it: The more rapidly you pay off a mortgage, the less money you’ll pay your lender and the more cash you can keep for yourself. If you want to pay your home loan off lot quicker, you’re going to need a little extra money plus some savvy strategies — but it can be done. Thankfully, we’ve got a few financial hacks for rapid mortgage payoff that can get you the results you’ve been looking for.
Rebalance Your Balance Sheet: You’ve got two ways to get more room in your budget for a faster loan payoff: Reduce expenses and generate more money. Do both for maximum results.
On the expense side, bundle insurances and renegotiate. If you’ve been with the same insurer for some time, get in touch with them and say you’re unhappy with your fees. Let them know you’re looking around to get better offers and lower pricing. You may be shocked to hear the number of new “discounts” they find for you.
Rethink your cable cost. Reconsider whether you need all those top-tier channels. You can stream lots of shows free or at low cost online. Also, quit outsourcing housework like cleaning services and lawn care. No one enjoys laundry and pulling weeds. But unless you have a lot more profitable ways to spend your non-work hours, it’s time to start washing and weeding.
Make some extra money to put toward your debt-reduction goals. Sell all the things you don’t want. Get on Ebay and start listing all that junk in your attic. There are dozens of other web-based selling sites you can sell your stuff on: ThredUp.com, shopstick.com, yerdle.com, varagesale.com and of course, the original online classified-ad site, craigslist.com. Pick up a little extra money on the side. Every person has some talent that other individuals might be willing to pay for. Try TaskRabbit.com and UpWork.com to check out all things people are willing to pay you to do — like being a virtual assistant or personal shopper — and put those extra earned dollars toward faster loan repayment.
Involve the Entire Family. Everyone’s needs and wants contributed toward producing the debt, and you’ll be doing your loved ones a favor by showing them how to take charge and defeat debt once and for all. Have a family meeting to brainstorm, and enlist everyone to reduce bills by lowering electricity and water use, pitching in to accomplish outsourced household tasks and maybe even making some extra cash. Set aside some of the additional money saved or earned to pay for a special incentive like a family bowling night.
Make Use of a Biweekly Loan Calculator. This can be a roadmap to faster debt reduction: To reach a goal, you want to see where you’re heading and exactly what you have to do in order to get there. Make use of a biweekly loan calculator [link] to uncover exactly how much more you have to apply toward your debt each month for the faster loan payoff you’re looking for. Biweekly home loan payments will get you out of debt a lot quicker, and also help you save money on interest over the life of your mortgage. Experiment using the calculator to discover how different payments will help you to achieve your goal of rapid debt reduction.
AutoPayPlus can help you pay down debt faster. Withdrawals from your account every other week fit conveniently with paychecks as well as your monthly budget, while an extra half-payment twice a year toward principal reduces interest over the loan term. Learn more about rapid loan repayment by visiting this website: