BOOST YOUR PAYDOWN: Tips to save thousands
Early and often: that's the best way to pay down your mortgage, save thousands and cut years off your debt. There are a few ways to boost your mortgage paydown:
Make your house pay. Put a dent in your debt by adding revenue. Consider renting out part of your home, or taking in a roommate to help off-set expenses. Rent out an extra parking space if you have one. Or talk to your accountant about whether you can write off a room in your home as an office for your home business – then throw your tax savings against your mortgage each year!
That brings us to the best tip: Accelerate your payments. A mortgage is probably the largest debt you will ever take on. Every payment decreases the amount of interest you owe – so make a plan to pay down faster. Get in the habit of making lump sum payments whenever possible; put work bonuses or cash gifts directly against your mortgage principal. Every payment after that will be worth more. And if you're paid twice-monthly, divide your monthly payment into two and make them every time your paycheque comes in. Believe it or not, frequency makes a huge difference over the life of your mortgage.
Let me know if I can be of any help – James – 780-967-0079
Information complements of Rick Tober @invis