Get Your Mortgage Paid Down Faster With These 5 Simple Money Saving Strategies
The monthly mortgage payment can be burdensome for many, but it’s possible you’ve thought of trying to pay it down more quickly. Without getting a new job or working overtime, here are some tips you can use on a daily basis to save additional funds and pay off your mortgage at a swifter rate.
Make Your Lunch
The five or ten dollars spent on lunch might not seem like a lot, but over time this amount adds up to a lot of savings. Instead of hitting the cafe, pick one or two nights each week to prepare a lunch for yourself so you can skip the daily expense.
Take A Coffee To Go
Like lunch, coffee is another thing that can end up costing a lot of money. However, instead of going for the two-dollar cup, make a pot before you leave for the day or opt for the office coffee instead. If you prefer yours on the go, you can always make it a once-a-week treat.
Avoid The Impulse
This might seem like a hard one to stick with, but instead of buying something because you want it, sit on it for a day or two and see if it still appeals to you. In all likelihood, the desire to purchase will pass and you’ll manage to keep more money in the bank.
Read The Flyers
Items like groceries may be a necessity, but that doesn’t mean that you have to buy the first thing you see. From fruits and vegetables to packaged goods, there are plenty of food items that go on sale all the time. By the time the month is out, you’ll be surprised how much you can save just by shopping around.
Skip The Cell Phone Plan
For most people, having a cell phone is a necessity these days; however, there are ways that you can get around the high costs that are often associated with smart phones. Instead of going for the expensive plan you have, settle for a little bit less service and talk to your provider about deals they can offer you.
It may seem like paying a higher monthly amount on your mortgage is impossible, but there are little ways to save each day that can help you pay it down faster. If you’re planning on looking for a new home in the near future, contact one of our mortgage professionals for more information.
If you’re in the market for a new home, you’re probably trying to budget for all of the expenses that come with a home purchase. After all, the asking price isn’t necessarily the entire amount that you’ll pay – there are other expenses that will factor in to the final price. One such expense is your closing costs.
Refinancing a home loan can provide numerous benefits, but it can also seem daunting and intimidating to some. Many homeowners would love to lower their interest rate or take advantage of other benefits associated with refinancing, but they are concerned about the time and expense associated with refinancing their current mortgage. The FHA Streamline Refinance loan program is designed to provide those who currently have an FHA loan with an easier way to refinance their mortgage, and this may be a desirable option for many.
One of the most significant challenges that many people face when preparing to buy a first home relates to saving money for a down payment. While there are many different loan programs with varying down payment requirements, the fact is that it can still be difficult to save up a large sum of money. Some programs may require you to save as much as 10 percent or 20 percent of the sales price of the home.
Investing in a home may be one of the most significant purchases you’ll make in your lifetime, but many people forget that there are a number of other costs associated with buying a home. If you’re considering a reverse mortgage and want to be clear on all of the fees involved, here are a few things you can expect to come across.