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Accelerate Your Mortgage Payoff Without Straining Your Budget

How to Accelerate Your Mortgage Payoff

Buying a home is a major accomplishment. Many people aspire to own a home; however, the financial responsibility can seem tantalizing. According to a 2010 survey done by the Canada Mortgage and Housing Corporation, 68% of recent homeowners felt that there was a strong chance they could pay off their mortgage earlier than their current amortization schedule. Successful homeowners understand the importance of financial planning and managing their money in order to accelerate their mortgage payoff. According to the survey, 27% of homeowners either made additional lump-sum mortgage payments or have increased their regular payment amounts in order to get the most out of their investment. Pouring all of your money into your mortgage isn’t necessarily the right investment decision for every homeowner. Below are a few possible ways to accelerate your mortgage payoff without putting a strain on your budget.

Assessing Your Alternatives

Every homeowner is in a different financial situation. However, armed with the proper information and commitment, nearly any homeowner can find ways to pay off their mortgage faster. For some homeowners, it makes sense to choose accelerated bi-weekly payments, which subsequently increases the total amount of payments made throughout the year. For homeowners that have less disposable income, choosing to round up their mortgage payments can make a big difference over the course of the amortization period. Whether it’s putting your extra money towards your mortgage or making a lump-sum anniversary payment, homeowners have a few different options available to them. Choosing the right alternative is about completing your financial goals without putting too much stress on your current standing. So, how can you find out where you currently stand and how far you need to complete your goals?

The Best Way to Assess Your Current Financial Situation

Using the Money Coach Client application can help you classify your personal finances with an error-free electronic accountant. This user-friendly software has an intuitive transaction manager and document repository, making it easy for homeowners to organize their income, expenses, and assets. Using Money Coach Client also gives homeowners the analytics necessary to make wise investment decisions as the software includes sections for debt analysis, mortgage analysis, cash flow analysis, and more. Run what-if scenarios to gain and understanding of how your lifestyle might be affected before getting yourself into a bind. The Money Coach Client application provides people with the tools and vital information necessary to make investment decisions that suit their goals and lifestyles.

Make Informed Decisions with Your Money

There is a growing misconception that saving money puts a major constraint on your lifestyle. However, through proper money management and financial planning, homeowners can put themselves on the path to successfully completing their goals. Whether you’re trying to save money for home renovations, your child’s tuition fund, or looking to accelerate your mortgage payoff, using Money Coach Client will ensure that the information you need to make a wise decision will be right at your fingertips. Managing your financial situation has never come with more clarity.