Can I Pay Off My Mortgage Faster?

A mortgage is a legal document you sign when you purchase or refinance a home, and it gives the lender the right to take your property if you neglect to repay it. Mortgages are a commitment, and they bind you to the responsibility of repaying your loan. Thinking about it can be stressful, but don’t worry!

Find out how you can pay off your mortgage fast.

What Are the Benefits of Paying off My Mortgage Fast?

After years of saving up, you now have your own home in Colorado Springs! It’s the house of your dreams, and you can’t wait to invite your loved ones over. Then reality hits, and you realize you’re now stuck with a mortgage for what seems like an eternity. You would feel more relaxed if you didn’t have to make this expensive payment each month, and you could spend your hard-earned money on other important matters.

Here are a few easy hacks to help you pay off your mortgage in no time.

Switch to a Biweekly Payment

If you’re like most homeowners, you make monthly mortgage payments. Consider switching to a biweekly one, which means you would make a half-sized payment every two weeks. If your average one is $1,000 a month, by converting to a biweekly one, you’ll pay $500 every other week. You’re probably wondering, “Isn’t that the same as paying $1,000 once a month?” Not quite.

Because there are 52 weeks in one year, a biweekly payment plan results in 13 full-sized payments a year instead of the 12 you’re currently paying. This means you’ll make an extra payment every year.

Now you’re probably thinking, “An extra payment? Why would I do that?” Think about the long-run—if you have a 30-year $200,000 mortgage at a 5% interest rate, paying twice a month can save you $34,400 in interest. The numbers don’t lie.

Take Your Lunch to Work

Admit it: you’re guilty of eating out during your lunch break. You tell yourself it’s just a treat for Mondays, but soon it becomes a Tuesday ritual, and then it transforms into a Wednesday routine. Now you’re eating fast food on weekdays and weekends!

Don’t feel embarrassed about bringing a bagged lunch to work. Let’s say you’ve budgeted at least $100 a month on lunch money alone. You can apply that amount to your mortgage; this might save you more than $28,000 in interest.

Even if you have to wake up earlier, bringing your lunch to work is healthy for your wellbeing, wallet, and mortgage. Additionally, you may notice an improvement in your mood because you’ll be eating more nutritious foods. Best of all, you’ll stop worrying about being tied to a mortgage forever.

Contact ZechBuysHouses LLC

Are you experiencing financial problems due to your mortgage? If you’re a resident of Colorado Springs, Colorado, you can sell your house to ZechBuysHouses for a speedy, all-cash offer. No fees. No realtor commissions. Put more money in your pocket and contact us today.

 

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