Since owning a home is an expensive affair many opt for the mortgage. Many people do not have enough savings to pay for a home in cash. It might take years to finally pay it off but below are few suggestions on how to pay off your home loan quickly.
Pay a little extra each payment
Paying extra might seem easy in theory but one has to make sacrifices to get the extra money. If you make this a habit you will be reducing the principal amount. You will also be saving money since you will pay less interest in the long run. If you get a bonus or a raise you should increase your payment. Always check with the company to know exactly how much they charge for prepayment penalties on home loans for doctors and dentists.
This is a drastic step if you are really set on getting out from debt. You can consider selling your bigger home and use the profit you make to buy a smaller or a less expensive home. You can pay cash for the small home or you could get a small mortgage. The smaller the balance the quicker you can get out of debt.
Cut your expenses
Cut your living expenses such as getting a cheaper mobile phone plan. Devote all the extra money to paying back the mortgage. In the beginning living a frugal lifestyle might seem difficult but it will be worth it in the end. Remember your goal is to live debt free.
Deciding to pay off your mortgage faster is one of the wisest choices you make. The sacrifices made today help you achieve your ultimate goal. Having a step by step guide on how to go about it will make easier for you. You can consider other tricks those that fit your lifestyle best.