Paying Off Your Mortgage Faster
Kachi Realty
Paying Off Your Mortgage Faster
Paying Off Your Mortgage Faster
Paying off your mortgage is one of the biggest financial goals of most homeowners, and retiring debt-free can certainly give your golden years a greater sense of financial freedom and stability. Whether you’re nearing retirement age or are just looking to reduce your largest debt load more quickly, here are some great tips for paying off your mortgage faster!
Principal Versus Interest
Essentially, to pay off your mortgage you have to reduce the principal owing on your property. There are really two ways you can do this without dramatically reducing your monthly budget.
Increase Your Monthly Payments
Even increasing your monthly payments by a small amount can take years off the life of your mortgage. You can also choose an accelerated plan whereby you can make weekly or biweekly payments rather than monthly. This will allow you to make a few extra payments each year. Combining these efforts can really have a surprising effect on the principal of your mortgage over a short period of time. There are a number of free online calculators that can help you figure out the exact numbers for your particular situation.
Reduce Your Interest Rate
If increasing your monthly payments is not an option, you can still pay off your mortgage faster by refinancing your mortgage to negotiate a lower rate. Keep your eye on the financial markets to gauge the best time to make this move, and seek out the advice of a REALTOR® or financial advisor to confirm that this is a viable option for your current financial situation. If you have a good history of payment and an excellent credit score, finding a lender shouldn’t be a problem.
Make A Lump Sum Payment On Your Mortgage
Another way you can decrease your mortgage principal and pay off your mortgage faster is by making a large lump sum payment. If you have come into extra money, have received a large income tax return, or just have a considerable amount of savings, this may be a wise financial decision. It will also dramatically decrease the amount of interest you will pay over the life of your mortgage and thus save you money. Just be sure your mortgage does not include a clause that will penalize you, and then determine whether it is still a good choice before going ahead.
The satisfaction a homeowner feels when they make that last mortgage payment is really unmatched by any other financial achievement, and following these simple steps can more quickly make that dream a reality.
Useful Information from Kachi Realty LLC
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WAYS TO GO GREEN IN THE KITCHEN Start a garden. Whether you opt for a full-out vegetable garden or a small window of fresh herbs, the taste of freshness will be unmistakable! Shop locally! Visit local farmers markets or choose locally produced produce whenever possible. Bring your own bags when you visit the grocery store. Switch to energy-efficient light bulbs. Save time and energy by cooking a double portion and setting half aside in the freezer for a quick meal at a later date. Get energized and leave the appliances alone. Whenever possible, mix and beat ingredients by hand, cook multiple items at the same time, and avoid washing dishes unnecessarily. Use energy-efficient appliances such as the slow cooker or toaster oven, which can use up to 30% less energy. Be aware of energy wasters such as excessive pre-heating or simmering. Ditch the wraps (such as saran wrap or foil) and make the switch to reusable containers for lunches and leftovers. Put a lid on it! Did you know that cooking with lids could save up to three times the energy? Keep all that steam inside the pot for a more energy-efficient (and faster!) meal. Go fresh—say goodbye to excessively packaged foods, which are often produced using processes that are harmful to the environment. Cooking meals from scratch using fresh ingredients is not only healthier, it’s often less expensive and better for the environment. Decide what you are looking for before you open the fridge, and never keep the door open longer than absolutely necessary.
Water Features For Your Yard A water feature can make a major change in your yard, and there are plenty of different ways to go about adding one. From a simple and small fountain to a koi pond or waterfall, you can use water to create a peaceful sense of a real escape from life in your yard. Small Water Features For small yards or for those looking to add something simple, a basic fountain is easy to add. They come in a variety of types, shapes, and sizes and can fit into any landscaping. Your fountain can be a centerpiece for the yard or can be placed near the patio. You can even get a small tabletop fountain for the patio table. Most fountains are easy enough to install by yourself. They use a pump system that circulates the water and keeps the fountain running. Follow all of the instructions for set-up, use, and care that come with the fountain and you can enjoy the sound of trickling water for many years to come. Adding A Pond A pond is a really eye-catching and special addition to any yard. You will need some space for it, but even smaller yards can manage one. Koi ponds are a very popular choice, as the fish are lovely and create an ambience in the yard. They fit in well with any sort of Japanese or other Asian landscape design, but really extend into other styles as well. Make sure your pond has a system for keeping the water circulating and clean; standing water can become a breeding ground for mosquitoes, and it can get quite dirty over time. It’s best to have a professional install the water system for your pond. Waterfalls You may not be able to have Niagara Falls in your yard to enjoy, but you can get a waterfall added as a feature of your yard. These can be falls that descend over a rock wall, a small stream that runs over consecutive drops in a sloped yard, or something in a corner where water falls down into a small pond. A waterfall adds the sound of moving water to the air all the time. Be sure you have proper drainage for the water system. Water features are a beautiful addition to any yard, and your imagination is really the only limit. Many professionals can help you to design the water feature that is right for your yard and your needs.