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

March 4, 2021 by Rob Wheelock

3 Easy Ways to Put Aside a Bit of Extra Cash So You Can Pay off Your Mortgage Faster 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.

Understandably, you may be focused on trying to pay this expense off early. By focusing on this payment, you can build equity and may be able to achieve financial security 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.

Use Your Tax Refund

First, if you are one of the many taxpayers who receives a refund each year, consider setting aside some or all of this refund to reduce your outstanding mortgage balance.

Some taxpayers may have such a sizable refund 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 balance.

Earmark Your Annual Bonus

If you are lucky enough to receive an annual bonus each year, you may consider using this to pay down your principal balance. 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 to 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.

Paying off your mortgage earlier can be a life changing event for you. Simply imagine how different your life would be if you were not responsible for 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.

Filed Under: Home Mortgage Tips Tagged With: Home Mortgage Tips, Mortgage Payments, Mortgages

Moving On Up: Should You Buy Or Sell First?

March 3, 2021 by Rob Wheelock

Moving On Up: Should You Buy Or Sell First?It’s exciting to be able to move into a new home. But there are some tricky details to navigate when you already own a home and you’re ready to buy a new one. Should you buy or sell first? Don’t worry. There are viable solutions.

Should You Sell First?

Think about how selling your home first will impact your family. On the one hand, you’ll be in a better financial position. You’ll have cash in the bank. You may be able to negotiate better terms on your new house by putting more down. However, selling first may mean moving into temporary housing while you find a new house to buy. You might need to store your furnishings. In other words, you may need to move twice.

Should You Buy First?

Buying first gives you more stability. You can stay in your own home until you’re able to move into the new house. When you do move, there won’t be a big rush. You could move over the course of a week or even more. The downside to buying first is that you might be responsible for paying two mortgages for a month or more. There’s no guarantee that your home will sell in a predetermined length of time. And, there’s no guarantee you’ll get the amount of money for your old home that you need to be financially secure.

Viable Solutions No Matter What You Do

Thankfully, there are solutions no matter how you decide. If you sell your home first, you could ask your buyers for a later closing date so that you have time to find a new home. You could even ask them if you can lease your old home on a month-to-month basis so that you have time to buy a new home.

If you buy a new home first, you could get a bridge loan, that helps you pay the second mortgage until you sell your old home. You could also rent out your old home to help offset your mortgage payment.

As you can see, there are ways of making both scenarios work. Whether you decide to buy first or sell first, your real estate agent can help you make it happen.

Filed Under: Real Estate Tips Tagged With: Buy or Sell, New Home, Real Estate

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Rob Wheelock

Rob Wheelock


Dallas, Texas
Call 214-550-9TAX (9829)
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Recent Articles

  • 3 Easy Ways to Put Aside a Bit of Extra Cash So You Can Pay off Your Mortgage Faster
  • Moving On Up: Should You Buy Or Sell First?
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