Try this Mortgage Hack that actually WORKS!!!
Since mortgages usually involve a long-term payment plan, it’s important to know a hack that can guide you on how to pay your home loan off faster and save a small fortune!
The strategy is incredibly simple… so easy you’ll know how to do it on your own!
The goal? Be debt-free as soon as possible!
Your retirement must be an enjoyable phase of your life.
Don’t let your mortgage repayment ruin it when you’re 60!
HOW TO PAY OFF YOUR HOME LOAN FASTER?
Paying off your mortgage can feel like a never-ending job. In fact, just the thought of paying off your mortgage over decades is pretty daunting, right?
Now, if you are just starting to pay off your home loan, you may be asking, “should I pay off my mortgage early?” or more likely you’ve been thinking of ways on “how to pay off your home loan faster?”
Whether you’re aiming for a nice retirement or simply trying to get out earlier from that 20 to 30-year loan term, there are actually practical ways you can pay off your home loan sooner. This strategy is incredibly simple – so easy you’ll know how to do it on your own!
1. Refinance to the cheapest rate on the market
Mortgage rates have been rising and are predicted to continue doing so. Therefore, it is crucial that you compare rates from different lenders to ensure you get the best deal possible while minimizing fees.
A small difference in your rate could cut off hundreds from your monthly payment and you can actually save as much as $2000 per year just by refinancing!
If you are thinking of this option, our team can help you out just like the hundreds of homeowners we’ve helped over the years which were able to save substantial amount by refinancing their current loan.
2. Increase your repayments by $100 a week
If this sounds too much for you, just look at your Uber Eats expenses or over-the-counter coffee bills, then you’ll see this is something you can actually do.
From now on, you must consider adding an extra $100 per week to your repayment as a treat for yourself. Sure, a bottle of wine after a week’s work is nice, but doesn’t taking a year off your loan taste pretty sweet too? How much more if it’s around 8-9 years off?!
This strategy is more of establishing a healthy spending habit and having a good financial attitude. Each time you have an increase to your income or earn an extra even if it’s small, try to channel it into your home loan repayment. Gaining control over your money can be one of the sweetest treat you can give to yourself.
So, now is the perfect time for you to assess how you spend your hard-earned money. Multi-billionaire investor Warren Buffett once said, “Do not save what is left after spending, but spend what is left after saving.”
So again, I encourage you to save an extra $100 per week and add it into your home loan repayment while looking at it as your minimum repayment, and stick to this strategy for the coming years. Keep your eyes on the prize. Later on you’ll taste and see its sweet reward.
Benefits of paying off home loan faster
- Save thousands of dollars in interest
- Be debt-free as soon as possible, giving way for extra funds for your retirement
- Allows you to tap the equity in your home if you need an emergency money in the future
- Disciplined spending
- Reduce financial stress
- Provides peace of mind knowing you’ll own your home outright
Are you in control of your money?
Your retirement must be an enjoyable phase of your life. Don’t let your mortgage repayment ruin it when you’re 60! Start this smart strategy now and be in control of your money instead of your money controlling you.
If you don’t make the time now to work on investing and building the life that you want, later on you’re going to spend a lot of time dealing with a life that you don’t want.
John C. Maxwell once said, “There are two paths people can take. They can either play now and pay later, or pay now and play later. Regardless of the choice, one thing is certain. Life will demand a payment.”
Take action now!
If you need help implementing this strategy, or you need any mortgage advice, I’m more than happy to chat with you on a 15-minute strategy session FOR FREE!
With careful planning and budgeting, combined with an expertise crafted through the years, you could pay off your home loan faster, save thousands and accelerate your financial independence sooner than what you think.
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If you need help implementing these strategy, or you need any mortgage advice, I’m more than happy to chat with you on a 15-minute strategy session FOR FREE!
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Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.