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.
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.