It's not common for many a homeowner to struggle with making their monthly mortgage payment. However, simply because it can seem hard to come up with the funds monthly doesn't mean it's not possible to find the money for extra mortgage payments each year. If you're wondering how you can pay down your mortgage debt much sooner with extra money, here are some tricks you may want to try.
Relinquish Your Refund
Many people look forward to tax time because it's an opportunity to spend their refund on shopping, dining, or a much-needed vacation. However, using your tax refund to pay down your debt can be a satisfying way to put more down on your mortgage and achieve something lasting from the extra boost of cash. While you may want to set a bit of it aside for an outing or a special treat, the amount remaining on your mortgage will seriously benefit from the extra payment.
Re-Tool Your Budget
It's quite likely that you have a working budget you stick to if you've been successful at making your mortgage payments. Like most things though, a budget can change, so you may want to sit down and do the calculations on your spending if you haven't in a while. There's a good chance that some expenses exist that you may be able to pare down or get rid of entirely. While it may not make a significant difference in one month, it can add up to a lot in just a few short months.
Plan A Yard Sale
It's easy to acquire a lot of things that you don't necessarily use, whether it's technology or kitchenware or home decorations. Fortunately, planning a yard sale for your infrequently used items can be a great way to come up with a small fortune to pay off your mortgage sooner. While you'll need to be ready to haggle to get the prices you're looking for, you may want to consider making it a neighborhood event for even more selling success.
It may seem nearly impossible to come up with the money to put more down on your mortgage, but using your tax refund and re-tooling your budget can easily add up to savings that make a difference! If you're considering buying a new home in the future, you may want to contact one of our mortgage professionals for more information.