Avoid foreclosure by paying your mortgage quickly
In today’s world, it is very difficult to have true job security. Too often, homeowners lose their jobs and it becomes more difficult to make mortgage payments. A paid home is not subject to foreclosure, unless, of course, the taxes remain unpaid. Therefore, it makes sense to pay off your mortgage as soon as possible to avoid foreclosure. Many families have, even during this period of the foreclosure crisis, and another couple has offered their advice on how they plan to pay off their 30-year mortgage in half the time.
When you pay for your house, you release a large chunk of your budget and take some of the burden off your shoulders.
The said couple bought a $ 350,000 home in 2000 in Seattle and have found several ways to spend extra money on their mortgage. In fact, hopefully their dedication to being mortgage-free will allow them to pay off their 30-year mortgage in 2015, half the time they agreed to.
Below are some of the ways these homeowners made extra money and saved money to pay off their principal balance.
1) Work hard, play hard. Strive to do what you can at work to prove yourself invaluable to your boss and / or company. It is no longer a fact that you will have the same job 10, 20 or much less 5 years from now. Do what you can to be invaluable on the job and fight for promotion or at least as much job security as possible. Paying your mortgage early means more time to splurge on yourself later.
2) Make good use of your tax return. If you are one of the many who receives a tax refund each year, apply it to your mortgage payment before you are tempted to spend it.
3) Sell a vehicle. Some families have more vehicles than they need and do not take advantage of public transportation. If you can get by with fewer vehicles than you currently have, sell one or two and put that money in your mortgage.
4) Earn additional income. Craigslist is a great place to look for side jobs like sitting / walking, cleaning houses, etc. You can also sell items on the internet, such as disused items, clothing, or even crafts / items that you make.
These are just a few of the ways you can put more money into your mortgage so it pays off faster than the term of your loan. A paid home is less likely to fall into mortgage’s trial than one with a large unpaid mortgage.