Are you just about ready to throw in the towel on your mortgage payments? Are you struggling with your finances that you’re now at risk of losing your home? There are financial problems arising from your mortgage that would just make you wish to be mortgage free.
Finance expert Primary Residential Mortgage Inc. believes that a HARP home loan is one program that can give you financial freedom. There are refinancing options you can also look into to that can help with your mortgage payment problems.
How about just getting rid of your mortgage all together? Here are some strategies that will help you achieve mortgage freedom in lesser time.
Combine Multiple Loan Payments
If you have other debts to pay besides your mortgage, you can have them consolidated during a move or by refinancing. That way, you’ll pay off that other debt faster because of the low rate of the mortgage. Once it’s paid off, the payment of your mortgage speeds up because of bigger payments.
Use Your Raise or Bonus to Speed Up Payments
Because you’re definitely an outstanding employee, you’ll have these extra sources sometime during the course of your mortgage payment. Instead of taking that vacation, or getting those upgrades on your car, apply it to your mortgage. Besides, you’ll have more funds for that once you’re mortgage-free.
Make Bi-Weekly Payments
Instead of those monthly payments that can make pay-off seem lightyears away, you can make payments every two weeks. This is a sure-fire way to save thousands of interest payments you can use for home improvements or that family vacation you’ve always wanted.
Following even one of these tips can reduce the time to pay off your mortgage. If you can partner up two or all three, you’ll be mortgage-free in no time.