Your home could be the ultimate savings account. Think long term and how you would like to achieve financial independence. Paying a little extra each month could bring you towards no house payment sooner. Wouldn’t it be nice not to have to worry about your house payment because your home is paid off! The other scenario, maybe you knew when you bought your home that you would want to move up eventually.
Pay Extra Month
It is simple just pay an extra amount each month to your mortgage company for your home loan. Make a note on the statement stub when paying by check, or in the payment online that this is going towards principle reduction. Your loan balance will go down quicker and you will see more equity in your home sooner……..more
by Teresa Larson, Village Real Estate, Murray Utah
20+ years real estate experience