Most homeowners would love to be able to pay off their mortgage early. However, few see it as a possibility when they take into account their earnings and other bills.

 There are, however, a few ways to pay down your mortgage earlier than planned. But first, let’s talk about when it makes sense to try and pay off your mortgage.

 When to consider paying off your mortgage early

If you recently got a promotion, have someone move in with you who contributes to paying the bills, or recently got a secondary form of income, you might want to consider making extra payments on your mortgage.

However, having extra money doesn’t always mean you should spend it immediately on your home loan.

First, consider if you have a large enough emergency savings fund. It might be tempting to try and throw any extra money at your mortgage as soon as possible, but there are other financial commitments you should plan for as well.

If you have kids who will be applying to college soon, remember that student aid takes into account their parents’ finances. If your children plan on applying to institutions with high tuition, then your equity will be counted against you.

Refinancing to pay your mortgage early

Refinancing your home loan is one option if you’re considering increasing the payments on your mortgage. If you can refinance a 30-year loan to a 15-year loan with a lower interest rate, you’ll save money in two ways–your lower interest rate and the fact that you’ll be accruing interest for less time.

There is a downside to refinancing. Once you refinance, you’re locked into your new payment amount. So, if your higher income isn’t dependable, it might not make sense to commit to a higher monthly payment that you aren’t sure you’re going to be able to keep paying.

There’s also the matter of refinancing costs. Just like the costs associated with signing on your mortgage, you’ll have to pay closing costs on refinancing. You’ll need to weigh the cost of refinancing against the amount you’ll save on interest over the term of your mortgage to see if it truly makes sense to go through the refinancing process.

Paying more on your current loan

Even if you aren’t sure that refinancing is the best option, there are other ways you can make payments on your mortgage to pay it off years sooner than your term length.

One of the common methods is to simply make thirteen payments each year instead of twelve. To do this, homeowners often use their tax returns or savings to make the thirteenth payment. Over a thirty year mortgage, this could save you over full two years of added interest.

A second option is to make two bi-weekly payments rather than one monthly payment. By making biweekly payments you have the ability to make 26 payments in a year. If you were to just make two payments per month then you would make 24 total payments. Over time, those two extra payments per year add up.

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If you want to sell your house as quickly as possible, a home fact sheet is a must-have. By crafting an informative home fact sheet, you may be able to differentiate your residence from the competition and boost your chances of a fast, profitable home sale.

Creating an effective home fact sheet can be quick and easy. Now, let’s take a look at three tips to ensure you can craft a home fact sheet that hits the mark with potential buyers.

1. Provide Accurate Information

Accuracy is paramount, particularly for a home seller who is crafting a home fact sheet. If you provide homebuyers with accurate information, you can make it easy for them to determine whether to move forward with a home showing.

Remember, your goal as a home seller is to make it simple for homebuyers to learn about your house. And if you produce an accurate home fact sheet, you can empower homebuyers with the insights they need to make an informed decision about whether to pursue your home.

2. Be Specific

There is no shortage of information that you can include in a home fact sheet. From details about the age and condition of your residence to the dates of recent home upgrades, it helps to include as much information as you can in a home fact sheet.

It usually is a good idea to include details about local attractions in your home fact sheet as well. For instance, if parks or other landmarks are located close to your residence, these attractions may help your house stand out to dozens of potential buyers.

3. Include High-Resolution Images

A picture is worth a thousand words. Meanwhile, including high-resolution images of your house in your home fact sheet may enable you to make a positive first impression on prospective buyers.

Before you take photographs of your house, it may be beneficial to conduct extensive home cleaning and repairs. That way, you can increase the likelihood of capturing photographs that show off the beauty of your residence.

As you put together a home fact sheet, you may want to collaborate with a real estate agent too. By hiring a real estate agent, you can get the support that you need to enjoy a successful home selling experience.

A real estate agent understands exactly what to include in a home fact sheet. As such, this housing market professional will enable you to craft an engaging and informative home fact sheet in no time at all.

Furthermore, a real estate agent can serve as an expert guide along the home selling journey. He or she will help you list your residence and promote it to the right groups of buyers. Plus, if you receive a home offer, a real estate agent can help you determine whether to accept, reject or counter this proposal.

Take the guesswork out of preparing a home fact sheet – use the aforementioned tips, and you can craft a home fact sheet that will help you stir up plenty of interest in your residence.

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