Wouldn’t it be amazing if you could pay off your mortgage early? Might sound like a pipe dream, but it’s not impossible. In fact, 37% of U.S. homeowners are living mortgage-free. Why shouldn't you be one of them??
Just because you opted for a 30-year mortgage doesn’t mean you actually have to spend the next 30 years paying it off! Here are three hacks to knock it out early:
Hack #1: Make an extra payment every year. Simply divide your mortgage payment by 12 and add that amount to your principal each month.
Hack #2: When your income increases, don’t increase your spending. If you get a raise, it’s tempting to bump your spending along with it. Instead, keep the same budget and put the extra towards your mortgage.
Hack #3: Put surprise money towards your mortgage. Any time you get extra $$$ from a tax return, bonus, inheritance, refund check, or whatever else it may be, toss it to your mortgage. You won’t miss it, and the future you will thank you.
Are you living mortgage free?! What's it like? How did you do it? Share in the comments below!
Cindy Grenier, Realtor - 204-330-2567