Nothing is as freeing as being debt-free and no longer tied to financial obligations. For many, a mortgage is the only thing that ties them down. Without a mortgage payment, they might otherwise be traveling or finally able to retire. But for those facing a steep mortgage and many years to go, there are ways to pay your mortgage off faster. From paying extra on the principal each month to identifying streams of passive income, read on to learn tips on how to turn your homeownership debt from red to black and fast.
Extra Payments
It can be stressful facing the monthly payments that come with a home loan. Yet, our homes are our safe place and shelter from the world. Many of us will work side jobs and do gig work just to keep those payments up to date for our lenders. Most of us don’t have the extra cash to pay extra on the mortgage each month. But for those who do, the fastest way to pay a mortgage down fast is to do just that. In using any extra income or spare cash to overpay the mortgage slip,
If making extra payments is something that sounds right for you, also consider how you spend money in general. Take a look at your overall budget and make cuts where you can. If it means skipping eating out once a month to put extra money toward those payments, you will thank yourself for it later.
Additional Income
Finding a second job to help pay your mortgage off doesn’t need to be stressful. Find a job where you can set your own schedule. Something like working for Uber on weekends might be an easy way to make extra money for those payments. Are you a good carpenter? Is your property large? What about repurposing that shed outback as a tiny house that you could ultimately rent out as an Airbnb? Think about it: while adding value to your property, you could make money too.
Passive Income Streams
Gigs to make money on the side aren’t the only way to knock those payments out quickly. Creative thinking will go a long way in helping you with your financial goals if you take the time to do your research. There are plenty of ways that everyone, even college students, can use their special skills to make money without much effort.
In fact, passive income could be the answer you are looking for. It’s not as hard as one might think to make money doing basically nothing. For those looking to make extra money in their spare time with little effort, consider passive income revenue streams like working with advertisers for mobile advertising. There are legitimate companies out there who will pay you to put a sticker or magnet on your car and do nothing more. These mobile advertising companies will pay you side hustle money if you drive enough in the right areas to make that sticker worth their dollar. Is your commute to your day job long? Do you drive daily? This could be a fast way to score extra money to make those extra payments faster than ever.
Affiliate marketing, becoming a social medial blogger or influencer, and putting any talents or skills to work as a freelancer are additional ways you can make money after your normal nine to five job. While this income isn’t as passive as slapping a sticker on it, it doesn’t have to feel like work if the things you’re blogging or making videos about are things you are passionate about. Think about what you like to do in your free time or have the aptitude for and ways you could use a social media platform to make extra money.
Refinancing
Take a look at your current payments and interest rates. Consider your individual circumstances like the length of time you have left on your mortgage loan. Then, shop around. If you have been making payments on time, there’s no reason you can’t start a bidding war. There are plenty of lenders looking for borrowers who make their payments on time who would be happy to take you on.
While mortgages and the responsibilities that come with them can be intimidating, paying yours off doesn’t have to be. With a little creative thinking and by putting your skills and hobbies to use, you might be shocked to learn how quickly you can pay off your mortgage and enjoy only the perks of homeownership.
