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3 Easy Ways to Pay off Your Mortgage FAST in Texas
batemancollective • May 15, 2021
It often seems that as soon as you pay off your mortgage, the rest of your life can begin. It’s like taking a fresh breath of air.
The hefty monthly payments that accompany homeownership don’t have to stick around forever, and there are many simple ways that you can get that mortgage paid off in much less than 30 years. Here are 3 easy ways to own your Texas home outright and be mortgage-free in no time at all.
1. Refinance Your Mortgage Loan
It’s always a good idea to keep an eye on mortgage interest rates, and right now they are historically low. Rock bottom rates mean it’s a great time to refinance. Refinancing is when you work with a lender, either a new one or your existing one, to pay off your old loan and originate a new loan with new terms. Sometimes there are costs associated with a refinance, but many lenders offer a no-cost refinance. It might seem like a hassle so many people avoid it, but even a .1% reduction in your interest rate can save you thousands of dollars in interest over the life of the loan and reduce your monthly payment too.
While you’re looking into a refinance on your loan, check with your lender about a 15-year mortgage option instead of the traditional 30-year. Your monthly payment will be more, but it’s a myth that your mortgage will double. A 15-year loan will save you a lot of money in interest and cut your loan time in half, so if you’ve got extra income each month it’s a great option.
2. Pay Extra Every Month
Many homeowners don’t feel like they have enough extra every month to refinance to a 15-year mortgage, but some months they do end up with a surplus. In these situations, paying extra on the months that you have a surplus can be a great option. Most of the time, extra payments go straight toward the principal balance, shrinking it much faster than your standard monthly payments that largely go toward interest. You’ll need to notify your lender ahead of time to let them know you’d like the entire extra payment to go toward principal. Otherwise, they might apply it toward next month’s payment and you won’t save nearly as much money.
3. Try These Extra Payment Methods
If paying extra on your mortgage each month seems difficult, here are a few options to make it easier:
- Try the dollar-a-month plan. If your mortgage is $700, pay $701 the first month, $702 the next month, $703 the month after that, and so on. This method could cut years off of your mortgage loan.
- Use any unexpected income as extra mortgage payments. Tax returns, bonuses, and credit card rewards are some easy options to make extra payments without cutting into your monthly budget.
- Pay off your mortgage early by rounding up your monthly payments. A $875 mortgage payment, for example, could easily be rounded up to $900. You’re not likely to miss that extra $25 each month but it will save you money and get that mortgage paid off faster.
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Accepting a new job in a different city or state is a thrilling prospect. It presents opportunities for personal growth and career advancement. However, this adventure also comes with its share of challenges. Among the most daunting is selling your current home to facilitate a smooth transition. One strategic solution to consider in these situations is selling your home to a cash home buyer. Leveraging Cash Home Buyers for a Swift Relocation Cash home buyers can be instrumental in streamlining the transition process during a job relocation. These professionals buy properties outright for cash, allowing for a quick, hassle-free sale. Here's why this option is a viable part of a relocation strategy. Accelerated Sales Process Cash home buyers prioritize speed and efficiency. Without the need for traditional financing, they can close deals significantly faster than conventional buyers. In a job relocation scenario, where time is of the essence, this swift process is a boon. Reduced Stress and Strain The physical and mental demands of relocating for a job are considerable. By opting to sell to cash home buyers, homeowners can avoid the additional stress of staging their home, scheduling open houses, and waiting for potential buyers to secure financing. Assured Sale Cash home buyers have the necessary funds on hand to finalize the purchase without delay. This certainty is particularly beneficial in a relocation situation, where unpredictable factors can compound stress. A Solution for Immediate Financial Freedom During job relocation, immediate access to cash can be pivotal. Selling to a cash home buyer ensures this financial freedom, providing the necessary funds for moving costs, a down payment on a new residence, or establishing a comfortable nest egg in the new location. Maximizing Return, Minimizing Hassle Selling to a cash home buyer circumvents many traditional selling costs, such as real estate agent commissions or closing costs. Furthermore, cash home buyers purchase properties "as is," eliminating the need for potentially expensive repairs or renovations. In essence, this method maximizes financial return and minimizes hassle during a time of significant change. Embrace the Transition with Confidence Job relocation marks a new chapter in one's professional journey. This experience, while exciting, comes with its unique challenges. However, with careful planning and strategic decision-making, these obstacles can be navigated successfully. Selling your home to a cash home buyer offers an ideal solution for a quick, efficient, and stress-free transition. The benefits - swift sale, reduced stress, assured transaction, immediate financial freedom, and maximized returns - are clearly advantageous during a period of transition. When facing a job relocation, remember that every challenge presents an opportunity for a strategic solution. Selling your home to a cash home buyer is a strategy that offers a smooth transition, allowing you to focus on the exciting journey ahead. This approach not only eases the burden of a physical move but also offers a financial boost to start your new role on solid footing. Take the first step towards a stress-free job relocation by selling your home to a cash home buyer. Contact our experienced team today and let us help you navigate this transition with ease and financial confidence.
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When disaster strikes, homeowners often face a twofold crisis: the physical damage to their property and the subsequent financial burden. Cataclysmic weather events such as storms, floods, or hurricanes can inflict considerable harm on homes, often requiring expensive repairs and renovations. While insurance can offer a degree of protection, the processes involved can be lengthy and complex. On the other hand, selling a storm-damaged home on the traditional real estate market can be an uphill task. Given these challenges, homeowners are increasingly turning to an alternative solution: cash home buyers. The Advantages of Cash Home Buyers Cash home buyers present a swift and uncomplicated route to liquidating a damaged property. These investors purchase homes 'as is', saving homeowners from the cost and stress of restoring a storm-ravaged home. This approach dramatically simplifies the process of selling a home and provides several distinct benefits. Speed and Simplicity Cash buyers enable a fast and straightforward sale. They usually offer a quick assessment, followed by a prompt offer. If accepted, the deal can be closed in a matter of days, not the weeks or months typical of traditional real estate transactions. This swiftness is particularly beneficial for those needing to relocate or facing financial pressures. Guaranteed Sale When selling to cash buyers, there's no need to worry about a deal falling through due to financing issues, as these buyers have ready funds. This assurance reduces the risks associated with selling a home and adds a level of security that traditional home buyers can't provide. No Repairs Needed Cash buyers purchase homes in their current condition, eliminating the need for costly and time-consuming repairs or renovations. Whether the damage is minimal or extensive, homeowners can sell without having to shell out more money for repairs. Cash Buyers: A Financial Lifeline Selling a storm-damaged home to a cash buyer can provide homeowners with an immediate financial lifeline, especially when they're saddled with the double impact of property damage and potential loss of income. Unlike insurance claims that can drag on for months, cash buyers provide immediate relief, converting an asset into usable funds. Mitigating Risks and Maximizing Returns The decision to sell a storm-damaged home can be fraught with uncertainty. However, by choosing to sell to cash home buyers, homeowners can effectively mitigate the risks associated with prolonged repair processes, lengthy insurance claims, and unpredictable real estate markets. Cash home buyers not only offer a quick and surefire way out of a precarious situation but also maximize returns by eliminating the need for repairs and commissions often associated with traditional home sales. By circumventing these additional expenses, homeowners can receive a larger proportion of their property's value, ensuring they're better equipped to navigate their post-storm recovery journey. A Promising Solution In the face of disaster, finding a viable solution that minimizes loss and maximizes recovery is crucial. Selling a storm-damaged home to a cash home buyer can be that solution, offering a quick, straightforward, and reliable route to financial relief. As homeowners weigh their options, the advantages of cash buyers—speed, simplicity, a guaranteed sale, and no required repairs—make a compelling case for consideration. This approach can provide the lifeline needed to move forward, securing financial stability in the midst of adversity. Don't let storm damage stand in the way of your financial recovery. Reach out to our team of professional cash home buyers today , and take the first step towards transforming your damaged property into a promising financial opportunity.
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