Two more ways to fast-track your mortgage. 7 Ways To Pay Your House Off Fast
Hope you are enjoying this series? Let’s look at the next two ways to pay your house off fast.
Method #5: Tax Return on Your Mortgage
Another simple way to pay your mortgage off faster is to pay your tax return onto your mortgage each year. While this won’t change your monthly repayments, it will decrease the principal amount on your loan. Think of it similarly to Method #1 where you pay an extra $100 per month, except now you’re adding a larger sum once a year to bring the loan down.
Method #6: Surplus Rent Into Your Mortgage
Assuming that you have an investment property or two, you can take any surplus rent after covering expenses and add it to your home loan. If you have a healthy cash buffer for your investment properties and don’t need to be adding additional funds to it every month, rather put the surplus rent to good use by adding it to the principal on your mortgage to pay your own home off quicker.
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