How To Pay Down Your Mortgage With Ease

by Vipul Pawani 10/08/2017

If you’re finding that your finances are a bit tighter these days, you might need to adjust your budget a bit. Have you ever thought about alternatives in helping you to pay your mortgage? There’s a few things that you might be able to do in your home to save a few bucks and be more comfortable with your budget and finances. 


Share The Space


This might sound crazy, but it works for many people. If you’re willing to share your living space with others, it could help you to make a dent in your mortgage. This works especially well if you have a home with a separate entrance like an in-law apartment or something similar. 


Make Adjustments To Your Expenses


There are many different costs that come along with owning a home. If you reduce some of these expenses, you’ll be able to cut your overall spending. You don’t need to completely adjust your entire way of living to do this. Some ideas:


  • Cut the cord on cable and install streaming devices
  • Go on a family cell phone plan
  • Skip the gym membership
  • Use public transportation
  • Cook at home instead of eating out
  • Use coupons


Put Tax Refunds To Good Use


If you normally get a tax refund, you can apply that money to your mortgage instead of using it to buy something else. You could also adjust your withholdings. This would allow you to get a bit more money in your paycheck each week. You’ll get less of a refund during tax time, but the extra money may help you to pay down bills throughout the year. 


Pay More Towards The Principal 


To make the most of your hard-earned savings, use your money wisely and pay down the mortgage faster. Just be sure that there’s no penalty for a prepayment of the loan. You can either make an extra loan payment each month or you can pay a bit over what you owe on the mortgage each month. If you pay the mortgage faster, you’ll save potentially thousands of dollars in interest over the life of the loan. You’ll need to check with your mortgage company to see what their process is for paying more towards the principal of the loan. Keep in mind that the first few years‘ worth of your mortgage payments will be going towards interest unless you specify extra payments to go elsewhere.


Whether you’d like a little more of a financial cushion or are just looking to get rid of all those pesky monthly bills, it’s never a bad idea to focus on paying your mortgage down as quickly as possible.

About the Author
Author

Vipul Pawani

Vipul (Veep) M. Pawani, to his clients and friends, is an optimistic and upbeat agent who is assertive and exceptionally motivated to deliver on his clients’ goals. Exclusively serving Woodridge, Prince William County and, Fairfax County, Veep has experience in sales and marketing, which benefits his clients greatly. Currently partnering in a family business of hotel development, Veep draws upon his multifaceted corporate and professional skills when working with real estate. An area resident for 25 years, he credits the friendly people and the family atmosphere as a few reasons why it’s a great place to call home. He is active in his community and is a member of the National Association of REALTORS® The combination of Veep’s honest approach, commitment to customer satisfaction and his knack for business confirm the decisive edge. Professional and experienced, Veep Pawani is here to offer you nothing but top quality service, dedication and success in all of your real estate needs. My website has a ton of resources that can help you search for your new home. Feel free to use my website, free of charge and with no strings attached. If you need representation or just have any questions at all, I’m always here to help. Please call me today at 703-980-0249