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Want to learn how to get rid of your mortgage in a REAL hurry? Check out our new eBook at
www.payoffyourmortgagefast.com
If yesterday is too late and 5 years seems like a long time, this eBook is for you. Go ahead and click on the link and check it out. Tomorrow never comes. The only day you can take action is today. Go ahead.
How To Pay Off Your Mortgage Fast - 6 Quick Steps (The Ezine article)
Our Book, 'Recession Proof Yourself', includes detailed instructions for how to de-risk your finances and to get rid of your smaller debts and credit cards.
Wouldn't it be nice though, if while you were working at getting rid of the little debts, you mere making progress on the home loan too?
In How to Pay Off Your Mortgage Fast - 6 quick steps, we help you get started while you are implementing the books suggestions (and reducing your financial stress, among other things).
Pay off Your Mortgage fast with these simple tips and techniques.
Are you horrified at the thought of paying off your mortgage for 30 years? Get rid of the home loan fast.
Finance doesn't have to be this expensive. The key is to get rid of it quickly. Home loans have a purpose: To help you buy a house. Once you own the house, it's time to get rid of the mortgage. Here's how:
1. The weekly/monthly rule.
If your mortgage payments are monthly, ask if you can change them to weekly. The bank will probably adjust your weekly payment to reflect the exact monthly payment. To pay the bank's revised payment will remove the advantage. Instead, do this: Take the previous monthly payment and divide it by 4. Make the result your new weekly payment. It will be more than the bank's figure and this will help get rid of the home loan faster.
2. Big interest savings are made by paying larger payments,.
Just like the weekly monthly rule, think about what you could add to your payment without causing hardship. Add that amount to your payment and make the payment come out of your account or from your pay automatically, so you don't have to do anything to make it keep happening. Even small increases can shave large amounts off a long term mortgage.
3. Windfall Money (like a tax refund cheque).
Resolve to put any windfall money into your home loan and always do this.
4. Create your own windfall.
Have a garage or yard sale and get rid of unwanted stuff, or do a project, and pay the proceeds off your home loan.
5. Drop an income into the loan.
If you have 2 incomes in your household, is it possible to live on one and pay the other entirely off the loan? You'll find lots of suggestions to reduce your costs in the book, plus some more on this site.
6. Take advantage of 100% offset accounts*.
An Australian Phenomenon, offset accounts are deposit accounts that save you interest on your home loan by the amount that would have applied if the money in your offset account had been paid into the home loan. Great places to park spare money, even just your day to day living money. Every day it's in the offset account is another day's interest saving. *
One final thing, review the payments every 6 months increase them a little. The sooner the loan is gone, the sooner that entire payment belongs to you!
If you follow all of these strategies, your home loan should start to drop much faster than the planned rate. You're on your way to getting rid of the mortgage.
* This is general advice only and not tailored to individual needs.
There are different sorts of offset accounts and offset accounts are not the perfect solution in every case. Make sure you get personal advice from your bank or a financial planner, based on your individual situation.
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