Easy Ways To Help Pay Off Your Mortgage Early

As a homeowner, most of your personal finance revolves around your mortgage. It is the biggest outgoing every month, and a constant rock around your ankle. Owning property is a wonderful thing. And it’s something that is becoming more and more difficult for first-time buyers. However, that inevitable mortgage can quickly become a burden. The sooner you can pay it off, the better. Once it’s gone, you’ll have financial freedom. So, how do you pay it off early? We spoke to some savvy financiers who did just that.

Start with the best rates

If you want to pay your mortgage off quickly, you’ve got to start with the very best rates. Remember, every home loan comes with a heavy interest rate attached. That interest rate will keep the mortgage figure at arm’s length, unless it’s manageable. So, your first job is finding the lowest home loan interest rates. By doing that, you’ll pay much less in the long run.

Pay as much as possible every month

Once you sign your mortgage papers, your lender will give you a minimum payment. This is the smallest amount you must pay every month. However, if you pay only this amount, you’ll be paying the mortgage for the rest of your life. It’s in your interests to pay as much as you can possibly afford. Do bear in mind that most mortgages also come with a maximum payment. If you want our honest advice, try to pay this maximum payment every month. It’s the best way to bite huge chunks out of the remaining mortgage.

Boost your earnings

If you’re struggling to hit that monthly minimum, perhaps it’s time to boost your income. We know that’s easier said than done, but there are always new opportunities out there. If you’ve been at your job for a while, ask the boss for a pay rise. Put the increased salary towards your mortgage. Maybe it’s time for a new job entirely. Use your experience and skills to secure a promotion or higher paid job elsewhere. If this isn’t possible, there are lots of ways to earn some extra cash. From freelancing to selling things online, use your initiative!

Start investing

You’ve already made one savvy investment in your property. Why not take the opportunity to find other lucrative investments? Speak to a local financial advisor about your options here. A diverse portfolio of stocks, shares, currency and bonds will help bring in some extra money. You’ll gain some monthly dividends that you can use to pay off the mortgage faster. There is always a small element of risk involved in investment. However, approach it with caution, and you’ll always offset the danger.

Make your property work harder

Why not use your property to generate more income? There are so many self-made millionaires on the property market, and you could be one of them. Start by renting out a room. You can direct that money straight into the mortgage pot and take the pressure off. Or, invest money in refurbishing the house. Then, sell it on for a profit!

Don’t spend decades paying off that pesky mortgage. Take active steps towards your financial freedom.