Paying the mortgage is the biggest financial responsibility that most people have, and it’s not something to be taken lightly. Whether you’ve taken out a home loan in Kansas City, a home loan in Overland Park, or anywhere else, paying down your mortgage should be the first priority on your financial housekeeping list every month. However, you don’t necessarily have to live in deprivation just to pay the mortgage. Here are a few clever ways to eat away at that mortgage without making drastic changes to your lifestyle.
1. Re-Evaluate the “Little Luxuries”
That daily latte from a fancy coffee shop really does add up. Everybody spends on things that they don’t need. Consider setting aside some of that money once every week for the mortgage. Just skipping out on one bar night, fancy dinner, or shopping trip per week can net you around a $100 towards paying off the house.
2. Drop Slow-Profiting Investments
Investing can earn you profit in the long run, but it usually takes a lot of time to accumulate anything noteworthy. If your percentage of profit on any investment is lower than the interest on your mortgage, drop it. Use that immediately available investment cash towards your mortgage. When possible, paying sooner is always better than paying later because you’ll avoid late fees and other unnecessary expenses.
Many people refinance their homes because they can’t keep up with the current plan. That usually means extending the loan duration and getting an increased interest rate. If you can afford to pay a bit more every month, however, you can refinance your home loan in Overland Park or home loan in Kansas City for a lower interest rate. A reduction of just 1.5% could easily save you thousands of dollars within a few years. Learn about mortgage refinance options through First Mortgage Solutions.
These tips are practical ways to pay off your home more quickly and painlessly. First Mortgage Solutions of Kansas City is here to help with your refinance, home loan in Overland Park or home loan in Kansas City.
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