5 Tips to Speed Up Your Loan Payment

Regular payment to your mortgage can often be demanding and sometimes off the set budget. This guide has come to your rescue with some hacks that you can use to have an easier time making your monthly mortgage payment and even speed up the whole repayment process.

Your mortgage bill will most likely be the most significant bill during the month. These hacks can enable you to save up more on the loan and have a faster payment routine. Read these five tips that you can use to speed up your loan payment.

1. Share your space

This hack means that you should get another person to help you with the bill payment. This idea might sound kind of uncomfortable and crazy, but having a person to share your space with in exchange for the house rent is wise. A roommate will not only help you in raising the monthly mortgage money, but also chip in other expenses of the house. You will need to consider choosing a person that you are comfortable with.

2. Use a mortgage accelerator

The mortgage equity accelerator is among the most recent products on the U.S. market but has been used in other countries like the U.K and Australia for many years. How do they work? You first open an account with the credit line that your paycheck makes monthly deposits to. All of your living expenses and bills can be paid out of the account. Anything else that is left in your account at the end of the month will be used to pay the mortgage.

This is effective because it will help you spend less than you earn and the whole cost of the mortgage, hence every extra dollar is applied automatically to the loan.

3. Cut your living expenses (with ease)

This hack entails you depriving yourself, or dropping some the expensive products you buy for less expensive ones to ease and fasten the mortgage payment.

Having to take swaps like taking a bus or biking to your workplace instead of driving, having your meals made from home rather than dining out or buying fast food, or watching your movies from the house with family instead of going four to five times a month to the movies will be beneficial to your wallet and waistline.

4. Use your tax refund and other “bonus” money

Instead of having your tax refund spent on taking trips and buying an extra dress, why don’t you use the funds and apply them to your mortgage instead. You can also adjust your withholdings and secure money in your paycheck by paying less throughout the year in taxes. This salary boost will enable you to save more money for your mortgage payment every month.

5. Put extra funds toward your loan’s principal

Using every additional earning that comes your way to pay off your loan faster is not easy, but the determination to have you clear the credit faster should keep you going. Apply extra funds by paying extra than the required payment for each month.

Would you like to learn more about loans in San Diego area? Click here to contact the Kolesar Team today!

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