5 Pro Tips for Paying Your Mortgage On Time
Should you build up your savings or pay your mortgage off early?
It’s a question a lot of homeowners struggle with. You should always have some type of savings for emergency situations. But postponing your mortgage payments is never a good idea.
Everything you can do to get ahead of paying off your mortgage will help you shine financially. Once you pay off your mortgage, you’ll be able to bolster your savings like never before! By cutting out future payments, you’ll be in a solid financial position.
Are you ready to stop worrying about paying your mortgage, and start getting ahead of things. Read on to learn the best tips for mastering mortgage payments.
1. Create a Bill List
The first step towards paying your mortgage on time is to create a list of every bill you have. It’s practically impossible to stay on top of all your accounts if you don’t keep track of them in some way.
To avoid missing any of your bills, including your mortgage, go ahead and check your credit reports. Make a list of every lender that you need to pay off. Take a moment to review your recent credit card statements and bank statements too.
Once you have a total list of your recurring obligations, you can rest easy. We suggest storing the list safely on your home computer or using some type of cloud system.
Just make sure that your cybersecurity is up to date! You should have fresh new passwords and avoid accessing your sensitive information on public Wi-Fi networks. You can also encrypt finance files for extra security.
2. Set Up Reminders
Keeping track of all your bills is just the start. You also need some type of notification process in place.
For instance, you could mark your smartphone’s calendar to remind you whenever your mortgage is due. You can set up a recurring notification so that you don’t have to think about it each month.
Email services will also send you notifications when your bill is due. Reach out to your mortgage company to find out if you can sign up for some type of paperless option. Getting a digital version of your bill is often more effective than receiving an outdated paper bill anyways.
You should also find out if your lender is able to provide any type of free text when your mortgages come due. Usually, you can set up whatever notifications and alerts you like by going online and logging into your lending account.
With just a few simple clicks of the mouse, you can have your perfect reminder delivered to your phone every single month. Wouldn’t that be nice?
3. Mortgage-Paying Tips for Unexpected Income
Another one of our top mortgage-paying tips is to be proactive with unexpected income. Every now and then, money falls into our lives that we weren’t expecting. Perhaps you received a holiday bonus or got a lot more back on your tax return than you thought you would.
There are also credit card rewards, raises, gifts, and all sorts of other opportunities to get surprise money. Whenever you get any type of unexpected income, put it straight towards your mortgage payment. When you receive funds outside of your monthly budget, it’s the perfect opportunity to work towards paying off your mortgage early.
If you have less money than you thought you would look into a stated income loan, don’t fall behind. Paying off your mortgage early has all sorts of benefits, like putting you in a strong financial position. Your financial stability will be strengthened even more by cutting out future payments.
Before you know it, you’ll be able to survive even the most turbulent conditions in the housing market. Once you have your mortgage fully paid off, you can start focusing on any other short-term debts that might be weighing you down. For instance, you can tackle those credit cards so that they stop occurring interest!
4. Pay Your Mortgages Biweekly
If paying your mortgage off early sounds like a smart idea to you, then you should look into a bi-weekly payment program. Paying bi-weekly will make it easier to stay on top of your payments, while also getting you ahead of the game.
Reach out to your mortgage company, and find out what type of bi-weekly payment structures they have available. For instance, you could make half of your mortgage payment every two-week period.
Breaking your payments up bi-weekly will create 13 complete monthly payments each year. You could also look at it as 26 half-payments each year.
There’s nothing magical about a biweekly payment plan, but those extra payments can really add up. Just make sure that your lender isn’t going to charge you any type of fee for paying weekly. If there are any fees in place, changing it to a bi-weekly plan wouldn’t be a smart choice.
5. Enroll in Autopay
What’s your current method for paying your mortgage? Do you have to log into the lender’s website each month and enter your payment information? That probably takes a lot of time out of your day, especially if you forget your password.
Wouldn’t it be easier if you just set up auto payments instead? Enroll in autopsy with your mortgage company this month.
Lenders make it easy. For instance, you could set up auto-pay with your banking information. Enter your routing and account number, set up the monthly withdrawal date, and you’ll be good to go.
You might also be able to use a credit card, debit card, or some type of PayPal account as well. It all depends on the software system that your mortgage company is using.
Sometimes enrolling in autopay comes with special bonuses or perks. You might even receive a discount on your payment or get some other type of incentive for signing up. Autopay is definitely worth looking into.
Paying Your Mortgage Like a Pro
Now you know the best mortgage-paying tips! You can finally stop struggling with paying your mortgage and take control of your financial future.
Make a bills list today and set up monthly payment reminders. Then start finding money to put towards early payments. You could readjust your budget or just keep an eye out for unexpected income.
Once your mortgage is completely paid off, it’s going to feel so good! Read another one of our posts for more ways to feel great and set up a bright future for yourself.