2 Ways to get Mortgage-Free Quickly

Getting a mortgage is the first step towards owning your new home. A mortgage certainly gives you the

financial aid to purchase a house, but you might have to spend years paying off the loan to the lender.

Unless you are really well-off (and have the finances to buy a home by paying the entire lumpsum

amount), you will have to take a mortgage to purchase the home which your heart is set on. Like most

homeowners, you would want to pay off your home loan as soon as possible and feel proud to finally

own a new home. Here are a few tips to help you pay off your home loan faster.

1. Pay a little more on the repayment date:

There may be a few months where your earnings or savings might be better than you had expected it to

be. On some days you might find a lot of extra cash that is saved up in your account. Although it may be

tempting to spend this amount on a Friday night out, it would be more sensible to use this money to

play a little more on your repayment date instead of just the standard amount. Your goal is to get

mortgage-free, so the more you pay, the lesser the mortgage loan amount will become.

2. Increase the frequency of payments:

There is no rule that states that you should only pay your mortgage on a fixed date every month, you

can even pay some amount every week. The important thing here is that you pay off all the money. So

when you pay as frequently as you possibly can, you will be mortgage-free in no time. Check your

financial position each month, your income and savings, etc. and if you feel that you can manage more

frequent payments then go ahead and do so. It is the best way to get mortgage-free quickly.

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