You don’t need to go to extreme lengths to pay down your mortgage. Just follow these few easy tips:
𝐁𝐮𝐲 𝐖𝐢𝐬𝐞𝐥𝐲. Buy as much home as you can without straining your resources, so you can occupy your home longer. Moving and closing costs eat away equity.
𝐏𝐚𝐲 𝐚 𝐋𝐢𝐭𝐭𝐥𝐞 𝐄𝐱𝐭𝐫𝐚. Pay a little more every month toward reducing your principal. Use bonuses or cash back on your credit cards to apply to your mortgage. Making one extra payment a year could shorten your loan payoff by as much as four years, saving you thousands of dollars in interest.
𝐏𝐚𝐲 𝐎𝐟𝐟 𝐎𝐭𝐡𝐞𝐫 𝐃𝐞𝐛𝐭𝐬. Don’t incur new debt. Spend less on automobiles, dinners out, and other expenses. Pay off credit cards and student loans as quickly as you can, so you’ll have more money available to pay toward your mortgage.
𝐌𝐚𝐤𝐞 𝐈𝐦𝐩𝐫𝐨𝐯𝐞𝐦𝐞𝐧𝐭𝐬. Keeping your home repaired and updated helps you preserve equity by making the market value higher.
𝐋𝐞𝐭 𝐓𝐢𝐦𝐞 𝐖𝐨𝐫𝐤 𝐟𝐨𝐫 𝐘𝐨𝐮. Think of your home as a savings account where the money you put in can be retrieved one day – with interest. Historically, homes have increased in value as much as three percent a year in normal markets, which is a great way to build instant equity.
Tawana Bourne, Broker - REALTOR® - Investor
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