1. Do you get paid bi-weekly? If so, consider paying your mortgage on the same schedule. By paying half your monthly mortgage expense every two weeks instead of the full amount once per month, you’ll actually sneak in an extra mortgage payment by the end of the year, without even feeling it, helping to pay down your debt quicker!
2. Can you economize in one area of your budget in order to pay just a little more toward your mortgage on a regular basis? Increasing your payments by any amount will help you shorten your amortization, meaning that you’ll build equity faster and potentially take years off your mortgage. Or how about an extra,
one-time payment? If you have recently received a tax refund, inheritance, bonus from work or other unexpected windfall, consider putting the lump sum
toward your mortgage before the newfound money disappears into your everyday expenses. Even a few hundred dollars contributed now can add up to thousands saved later.
3. Has your household income increased? Pay that raise forward by increasing your mortgage payments by the extra amount! Let’s talk, well before your mortgage renews, about any potential mortgage options that could save you even more money.