Paying off the mortgage takes a looooong time, so being smart and patient is critical, which is why mortgage automation tricks are so important. Once you’ve made the decision and set things up, your debt will slowly start to go down on it’s own, while you can focus your effort on new ways to make money or cut costs.
Luckily, there are 3 mortgage automation tricks that anyone can do that will take YEARS off of your mortgage. There’s truly no reason to not be implementing these!
The path to financial freedom may be long, but it is exciting and full of opportunities. There are so, so, so many different things you can do to improve your financial health and there’s no better time to start than now!
My husband and I have tons of financial goals, so I am constantly on the lookout for more ways to be a savvy investor, frugal spender, and high earner.
Obviously, the easier the task, the more I love it! So that is what this list is. EASY things that you can do this year (just one a week!) to totally transform your finances and get yourself one big step (or 52 little steps) closer to financial freedom and debt-free living.
Good luck! Make this the year that changes everything!
Going through the process of buying a real estate investment property is a total roller coaster ride. You’ll experience a ton of anxiety, excitement, confusion, and joy.
It can be addicting.
It can also go horribly wrong if you don’t know what you’re getting yourself into.
So before you pull the lever on your first investment property purchase (and we’re talking buy & hold here), make sure you know these 10 important realities of real estate investing:
I am bound and determined to pay off my mortgage early. It didn’t start that way, but a few years into the loan my husband and I realized there were just too many benefits to paying it off, so it needed to happen. Since then, the desire to be debt-free has grown, while the loan balance has shrunk.
It’s an amazing feeling to watch this massive loan get smaller and smaller and I can’t wait for the day that it’s over. What’s even more amazing has been realizing that little changes can actually cut off years of mortgage payments. So, of course, when you add up all those little adjustments, you can seriously impact the length of your mortgage.
As with all major endeavors in life, the first step is always the most important, so if want to pay off your mortgage early, take one of these steps TODAY.
Here’s what I’m doing to pay off my mortgage early (and what you should be doing too!):
If you ever want to borrow money – whether for an emergency or to make an investment – you’ve got to have a good credit score. It will make the borrowing process ten times easier and more importantly, it will get you a lower interest rate on your loan. In the end, it will put more money in your pocket (and not the bank’s). Whether you’re just starting to build your credit or need to increase your credit score, here are some quick and easy fixes that could make a huge difference:
Related post: How to Buy Your First Investment Property
When my husband and I bought our first (and current) house, we loved it because we felt like it was the perfect starter home. It is small and cozy and perfect for two people – maybe a little baby too. The plan was to live there for 3-5 years and then move onto a bigger, more spacious McMansion-style home where we’d raise our kids.
We’re now 6 years in and each additional year we seem to dig our heels in further, finding new reasons why our small starter house may actually be our perfect forever home. Because believe it or not, there are some amazing perks to living in a small home.
So before you sign up for 30 years of paying off your mansion, consider these reasons for picking a small house right from the start:
One of my BIGGEST goals right now is to pay off the mortgage. I won’t lie, it’s sooo hard to stay motivated when you’re chipping away at such a big number, but the benefits are just way too huge to ignore. It’s a critical element of financial freedom, peace of mind…and of course, more disposable income.
But the reality is that if you prioritize getting it paid off, it CAN and WILL happen. And your future self will thank you for it!
Related post: 10 Things I’m Doing to Pay Off My Mortgage Early (and the One Thing I Won’t Do)
So if you’re in the same boat as me, consider these different ways for paying off your mortgage way earlier than you ever expected: