Having a debt or loan is one thing that can add financial burden to an individual or even families. If you can afford it, it might be simple to pay off your mortgage earlier. There is nothing more satisfying than the thoughts that you are already debt free.
If you are looking for ways to crush the debt faster, here are some of the few tips:
- Add an extra sum for each monthly payment. Each month, try to add a few bucks to your regular mortgage payment. If it’s a fixed monthly payment, you should set aside that extra bucks and add up as much as you can every month until it reach an equivalent one month amount of payment. You could use it as an advance payment. If you continue doing this, you will end up finishing the mortgage loan earlier than expected.
- Raise or Bonuses. Do you receive bonus from work or an annual raise? Instead of thinking about a new gadget to purchase, you can use this extra money to pay your mortgage. You won’t miss anything because you are already used in living based on the original sum you were earning.
- Extra money. If you receive unexpected extra money for whatever reasons (winning a lottery, extra work or inheritance), you can use it to pay your mortgage loan. Remember that anything extra that you use to pay in advance for your mortgage is equivalent to less month you pay for your mortgage loan.