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4 Easy Strategies to Pay Off Your Mortgage

Buying that house you’ve been dreaming about is such an accomplishment. Congratulations, you did it!

A big mortgage doesn’t have to hold you back from taking a vacation or treating the family to a night out once in a while. You just need to be smart about your money.

Make a plan of action with these helpful ways to help eliminate your mortgage quickly and live the lifestyle that you want.

1. Be frugal

This is definitely the most effective strategy to pay off any debt. If you’re a serial spender, you’ll be surprised at how much extra you’ll be able to save once you cut that daily fast food lunch out of your routine. Instead, turn a nice restaurant dinner into a monthly event and a treat.

2. Make biweekly payments

Take that big monthly payment, and split it into one reduced payment every two weeks. This can make your debt seem not as overwhelming, and you will be able to save up for it faster. Depending on the loan amount, this is an easy way to shave a couple of years off your debt.

3. Make additional payments when you can

Found a $20 bill under the couch? Put it towards your mortgage! You won’t miss it, and every little amount towards the mortgage gets it off your back sooner. Find a few items around the house that you don’t use anymore and sell them – you’ll reduce clutter and your balance.

4. Refinance your mortgage to pay any unsecured debt

This may not work for everyone, but if your budget permits, consider refinancing your mortgage to pay off unsecured debt. The total amount of time it will take to pay off the entire balance is drastically reduced. In addition, you’ll get a lower interest rate!

Next steps

Paying off your mortgage doesn’t have to be a struggle. Our team has caring and knowledgeable experts to help you every step of the way. Contact us for more information about what our team can do for you.

 

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