Monday, March 7, 2016

Bob Jain: 4 Tips For Paying Off Your Mortgage

By Paul Martinez

A mortgage, for those who aren't familiar with the specifics, is a type of loan that's designed to help people pay off their property. Like any loan, it has to be paid off over the course of time. This doesn't have to be an extensive endeavor, though, as the likes of Bob Jain can tell you that it can be done much sooner than expected. In order to do so, you can start by incorporating these 4 pointers as soon as you can.

To start off, pay more than the principal, if you have the means to do so. When you consider the reasons people pay off loans earlier, most people tend to cite interest rates. This is no different when it comes to mortgage, which means that it's in your best interest to pay more than the minimum on a regular basis. You might also benefit from a nice bonus in the future, which is one of the best perks that Bob Jain can draw your attention to.

Next, you might want to change your payments so that they can be made on a bi-weekly basis. This might not be doable for everyone, particularly for those who are careful about their finances. Regardless, by making your payments every two weeks, you stand a greater chance of paying off your mortgage sooner. This is a great method for those who can afford it, and companies such as Bob Jain Credit Suisse will not say differently.

Psychologically speaking, rewarding yourself can help you pay off your mortgage even sooner. An article on Clark Howard detailed that the author rewarded his own success, by granting himself $100 to spend however he'd like for every $5,000 he was able to pay off. It's a great strategy, particularly from a morale boosting standout. This is just one of the many ways that you might be able to reward yourself from a job well done, too.

Finally, you might want to look into purchasing a smaller home. Granted, not everyone will be willing to do this, especially if they enjoy more luxurious spaces to live. Nonetheless, those who aren't against going with a more modest option might see the benefits in this. Not only will you be able to live in a comfortable home, but you won't have to cover for a mortgage that's as big as some of your peers' might be.

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