Are you tired of paying your mortgage every month? I have been there! It’s like, month after month, the same old money is coming out of your account. If you have a decent job and have a hefty mortgage, it is possible to pay it off in 5 years or less. Even if you don’t have a great paying job, there are ways to increase your income and pay off your house in 5 years of less. Here is how you get this done right.
#1. Get serious about it.
If you’re not serious about paying off your house in 5 years or less, it won’t work. Paying off a large sum of money doesn’t happen overnight, you need to be dedicated. I don’t think anything gets me as excited as knowing we’ll be mortgage free in the near future. Also, make sure your spouse is on board. It’s hard to pay off a mortgage if your spouse isn’t on board.
#2. Get your budget sorted out.
I would imagine if you’re going to pay off your house in 5 years or less, a good chunk of your budget will be going to pay off your house. Writing out your budget is a key to making this work. For example, if you make $5,000 a month and $2500 of your budget is spoken for, you have a choice to make. Do you put the other $2500 available on your mortgage? It really depends on how intense you want to be!
#3. Put extra payments towards principal.
When making extra payments on your mortgage, make sure you tell them where it’s going. You don’t want to be paying on the interest with your extra payments. Make the phone call or write the letter and make sure the extra money is going towards the principal. Doing this will ensure the extra payments help to pay down your mortgage.
Never pay the minimum payment each month, even if you can pay an extra payment – pay any extra that you can. Even if it’s $20 against the principal this will add up in the long run!
If you can swing it, set up bi-weekly payments instead of monthly!
#4. Put together a payment schedule.
My favorite part of paying off debt quickly is putting together a payment schedule. This isn’t the payment schedule that the bank gives you, it’s one that you create. This payment schedule will be how you make your payments, in hopes of getting your house paid off in 5 years or less.
#5 Start a Side Business
Blogging can be very profitable if you put the time and effort needed into it. Start a Blog to make extra money and pay down your mortgage! You could also work as a Blog Assistant and make anywhere from $15 to $50 an hour!
Paying off your mortgage in 5 years or less is easier when you have no other debt. This way you can throw all your extra money towards your mortgage. This is a great time to get an extra job too! The more money you throw at your mortgage, the easier it will be to get it paid off.