Wouldn’t it be amazing if you could pay off your mortgage early? Might sound like a pipe dream, but it’s not impossible. In fact, 37% of U.S. homeowners are living mortgage-free. Why shouldn't you be one of them??
Just because you opted for a 30-year mortgage doesn’t mean you actually have to spend the next 30 years paying it off! Here are three hacks to knock it out early:
Hack #1: Make an extra payment every year. Simply divide your mortgage payment by 12 and add that amount to your principal each month.
Hack #2: When your income increases, don’t increase your spending. If you get a raise, it’s tempting to bump your spending along with it. Instead, keep the same budget and put the extra towards your mortgage.
Hack #3: Put surprise money towards your mortgage. Any time you get extra $$$ from a tax return, bonus, inheritance, refund check, or whatever else it may be, toss it to your mortgage. You won’t miss it, and the future you will thank you.
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Erika Amezquita is a licensed Real Estate Agent in Arizona. She helps buyers find their dream home in highly competitive markets and homeowners sell for top dollar.