The thought of shelling out for mortgage payments over the next 30 years can be frightening, particularly if added to the stress of monthly household expenses. You can spend a great deal of effort trying to cut your mortgage down to size with inadequate results, especially if your lifestyle conflicts with your debt-reduction objectives.
There’s no one-size-fits-all solution for everyone’s financial situation. But, here are three ways to help improve your budget and diminish debt so you can pay off your mortgage faster:
If you acquired your car with some dings on your credit report or had little to no credit history, you probably have a high interest rate. However, if your credit is improved now and you’ve managed to build up some equity in your car, you may qualify for a reduced rate. Even with a decent credit report, your dealer financing may have set your loan at a higher APR – money wasted on interest that could be saved and used to eliminate your mortgage. If you have a solid credit record, talk to your lender about refinancing to a lower rate. Ask if there are any early payoff penalties that could affect your refi. If they are not willing to work with you, start shopping for lenders who will – it’s easy and there are many. Many credit unions do big business in auto loan refinancing and have the money to lend. Use the savings and the strategy to pay off your mortgage faster.
Cash back credit cards are most favorable to consumers who pay their credit card bill off every month. Instead of writing multiple checks, leave that money to the side and use a cash back credit card to pay your monthly bills. Use the cash set aside to pay off your credit card balance each month while still enjoying the benefits of earning extra income on money paid. Using the profits to pay off debts will help you eliminate your mortgage faster.
Let’s see how it works: Your regular monthly loan payment is split in half and paid biweekly. Because there are 52 weeks each year, you end up making 13 full payments instead of 12 on a yearly basis. The added money you pay is used to pay down the principal on your loan, which can deliver enormous savings in interest, a lower total home cost, earlier debt freedom and future financial security. For instance, on a 30-year $325,000 mortgage at 4%, you can save up to $36,000 or more in interest and pay off your loan 51 months earlier — now that’s a game changer! Use the AutoPayPlus Biweekly Mortgage Calculator at www.autopayplus.com/biweekly-mortgage-calculator/ to play with various new and existing loan scenarios.
AutoPayPlus can assist you in paying down debt sooner. Debits from your account every other week can sync conveniently with paychecks and your budget for the month, while an extra half payment twice a year paid toward principal decreases interest over the life of the loan. Please visit this website to learn more about how to eliminate your mortgage faster.
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