How can owning a house be fulfilling and stressful at the same time? Well, the immense happiness you will feel once you have finally settled in your abode is both immeasurable and liberating, but along with that is the thought that you are burdened a with monthly mortgage payment.
Buying your own house is the ultimate American dream, but a lot of people have a hard time turning this into a reality precisely because of the skyrocketing prices of properties and because there is not a significant increase in salary. This is why applying for a mortgage to score your abode is common.
Unsplash | Monthly mortgage can be stressful for some
However, as with any type of loan, a mortgage can become a problem and a stressor for homeowners, especially if there are other debts to bear in mind. Because of this, many of them are finding ways to pay off their housing credit at the earliest possible time.
Over the internet at Hecketyheck, homeowners who will soon be relieved of paying their obligations are sharing what they did in order to become debt-free faster than planned. One of the users explained that it was largely due to her husband’s wise money management and her frugality.
Unsplash | One user credited her husband’s money management skills for early repayment of mortgage
A person whose username is CakeNinja also shared that they have been overpaying their monthly dues because they plan to finish their mortgage by the time they reach 41. The individual calculated they add a little over $650 per payment and in about seven years, they are done.
CakeNinja revealed that they pay $2,300 per month on mortgage and after they are finally finished with the monthly outgoings, they will be using the amount to invest rather than spend it on lavish things.
Adversecamber22, meanwhile, gave an idea of how they use the money now that they are mortgage-free. Apart from setting aside a sum for their investments and savings, they also traveled around the United States.
Repaying Early
Itching to do the same thing? There are many ways you can repay your mortgage early, which will make it possible to allocate the sum on other things.
Unsplash | A side job could add to your monthly income
First, like CakeNinja, an overpayment is the simplest way you can pay off your housing debt. However, it is easier said than done because this means you have to stretch your budget or find a side-gig to add to your monthly income.
You can also increase the number of times you pay – that way, you will not notice how you are already cutting a chunk of your mortgage. Plus, frequent payments can also slash your interest costs.
