Atlanta Homeowners: 3 Easy Ways to Put Aside a Bit of Extra Cash So You Can Pay off Your Mortgage


Posted by Wendy G Brown on Jan 11, 2016 in Real Estate Tips

If your personal budget is similar to many other people's budgets, your home mortgage payment is by far the largest expense that you pay for each month. In fact, this payment may easily account for 20 or 25 percent or more of your take-home income. It is very understandable that you may be focused on trying to pay this expense off as early as possible.

By focusing on this payment, you can build equity and may be able to achieve financial security a lot more quickly. You simply have to find a way to put aside a bit of extra cash regularly so that you can make extra payments, and there are few easy ways that you can consider to take care of your Mortgage faster without breaking your bank.

Use Your Tax Refund


First, if you are one of the many taxpayers who receive a refund each year, consider setting aside some or all of your tax refund to reduce your outstanding mortgage balance. Some taxpayers may receive such a sizable refund amount that it can account for two or more mortgage payments each year. However, even a few hundred dollars extra put toward your principal balance will save you a considerable amount of money in interest charges over time and will have a wonderful effect on your overall mortgage balance.

Earmark Your Annual Bonus


If you are lucky enough to receive an annual bonus each year, you should consider using your bonus to pay down your principal balance throughout the year. While you may usually spend this money on extra holiday gifts or just add it to your spending cash, you can benefit more substantially when you contribute it toward your effort to pay down your mortgage.

Use An Automated Draft To Create a Fund


Another great idea that will work well for all individuals is to create an automated draft from your checking account each month. You may set aside the funds in a special account, and you can make an extra mortgage payment from this account periodically. Another idea is to set up auto payments for your mortgage that are higher than the amount due. For example, you may establish auto payments that are $50 or $100 more than your scheduled payments in an effort to bring your mortgage payments down to a lower number of payments over the course of the mortgage terms.

Paying off your mortgage earlier can be a life changing event for you. Simply imagine how different your life would be if you paid it off and were no longer responsible to make this payment each month. The fact is that this could be your reality sooner than you think if you follow these tips. For the best results, apply two or even all three tips to your efforts. Contact me through email at callwendybrown.net or call me @ 770-298-4437 if you’re interested in more tips for ways to pay off your mortgage faster or if you are ready to put your home on sale now.

 

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