{"id":7348,"date":"2024-05-06T13:17:30","date_gmt":"2024-05-06T17:17:30","guid":{"rendered":"https:\/\/talk.talktotucker.com\/?p=7348"},"modified":"2024-05-06T13:17:32","modified_gmt":"2024-05-06T17:17:32","slug":"tips-for-paying-off-your-mortgage-faster","status":"publish","type":"post","link":"https:\/\/talk.talktotucker.com\/tucker-mortgage\/tips-for-paying-off-your-mortgage-faster\/","title":{"rendered":"Tips for Paying Off Your Mortgage Faster"},"content":{"rendered":"
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Buying a home is one of life\u2019s biggest milestones \u2013 but the journey isn\u2019t over once you get through the closing and get the keys to your dream home. You still must pay off the mortgage. Whether you have a 15-year or 30-year loan, wouldn\u2019t it be nice to expedite the process?<\/p>\n\n\n\n
One of the most compelling reasons to pay off your mortgage early is the fact that you can save a significant amount of money on interest payments. By accelerating your repayment schedule, you can reduce the total interest paid over the life of the loan, saving tens of thousands of dollars.<\/p>\n\n\n\n
Ultimately, paying your mortgage off sooner also helps you build equity faster. Doing that frees up valuable financial resources that you can redirect toward other priorities, like your retirement savings, a child\u2019s college education or travel and leisure activities. You can even use your equity for home improvements, debt consolidation or a downpayment on a vacation property.<\/p>\n\n\n\n
And, of course, there are the intangible benefits of being mortgage-free. Owning your home outright, instead of sharing it with the bank, can give you a huge psychological boost and a sense of security and personal freedom.<\/p>\n\n\n\n
So, where do you start if you want to pay your mortgage down ahead of schedule? You probably don\u2019t need anybody to tell you that the key to the whole thing is making extra payments on the loan balance. The only trick is finding the money in your budget, right? Here are some tips that can help you pay the mortgage down faster.<\/p>\n\n\n\n
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This is always the first step to take when you need to pull a little extra cash together for something else. Every dollar you save on your discretionary expenses is another dollar you can put toward your mortgage. With that in mind, here are some small changes that can add up to big savings:<\/p>\n\n\n\n
When you see the dollars start to accumulate, it can make all the penny-pinching feel worth the effort.<\/p>\n\n\n\n
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There are some bills you just can\u2019t cut out, no matter how hard you try \u2013 but you may be able to find ways to lower them a little. All these tips can help keep more money in your pocket, and that money can be used to make extra mortgage payments:<\/p>\n\n\n\n
Make sure that you keep track of the savings you gain in these areas so that you know how much extra you can throw on your mortgage at the end of each month.<\/p>\n\n\n\n
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Finally, if you get periodic bonuses, have a side gig you can start or get cash gifts with any regularity from your loved ones for your birthday or Christmas, don\u2019t add that money into your budget. Consider it \u201cextra\u201d income that you can then route directly toward your home loan.<\/p>\n\n\n\n
Remember that even making one extra mortgage payment per year can shave four or five years<\/a> off your mortgage over time \u2013 and that\u2019s thousands of dollars in interest. Can you imagine what you can save if you can make even two or three extra payments in a year?<\/p>\n","protected":false},"excerpt":{"rendered":"