{"id":3570,"date":"2018-11-12T09:30:11","date_gmt":"2018-11-12T16:30:11","guid":{"rendered":"https:\/\/blog.neighbor.com\/storage-blog\/?p=3570"},"modified":"2024-01-29T17:56:30","modified_gmt":"2024-01-30T00:56:30","slug":"pay-off-mortgage-early-12-easy-steps","status":"publish","type":"post","link":"https:\/\/www.neighbor.com\/storage-blog\/pay-off-mortgage-early-12-easy-steps\/","title":{"rendered":"Pay Off Your Mortgage Early: 12 Easy Steps"},"content":{"rendered":"\n

Taking all 30 years to pay off your mortgage will end up costing you thousands more than paying it off early. Thanks to interest rates steadily climbing toward a jaw-dropping 5%, finding a way to subsidize your mortgage is more important than ever.<\/span><\/p>\n

As you search your no-wiggle-room budget for any spare change, you might be wondering how you could ever make more than the bare minimum monthly payment. If you’re like most people, you have approximately no extra money to dedicate to your mortgage. Even without that extra cash, a mortgage-free life might not be as far away as you think. Check out these genius ways to pay off your mortgage early.<\/span><\/p>\n

12 Ways to Pay Off Your Mortgage Early<\/span><\/h2>\n

\"Ways<\/p>\n

#1 Refinance Your Loan<\/span><\/h3>\n

Fun fact! The amount of interest several people pay on their 30-year mortgage is <\/span>more than the value of the actual home<\/span><\/a>. That means if you financed $200,000 when you bought your home, you could be paying $200,000+ in interest. Yikes.<\/span><\/p>\n

A simple way to avoid paying all that extra interest is to refinance from a 30-year mortgage to a 15-year mortgage. Your payments will still be manageable, and you’ll be able to pay your home off in half the time. Putting in a little money now will save you big time down the road.<\/span><\/p>\n

#2 Start a Side Hustle<\/span><\/h3>\n

If you don’t have extra money, go out and make some! There’s no better way to pay off your mortgage than with a side hustle<\/a>.<\/span><\/p>\n

The best part of starting a side hustle is anyone can do it. All you have to do is identify a unique skill or asset that you have and could use to make money. You might enjoy photography or painting. Maybe you love extreme hiking and want to guide other people through your favorite trails. No matter what your interests are, you can start a successful side hustle. <\/span><\/p>\n

Once your side hustle gets into full swing, you could be looking at putting hundreds of extra dollars toward your mortgage every month. Depending on your loan terms, you might end up paying off your mortgage 5-7 years earlier.<\/span><\/p>\n

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Can we pay you to store vehicles?<\/h2>\r\n <\/header>\r\n
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List your unused space<\/h3>\r\n

People are earning $1,000s per year from their garages and outdoor space.<\/p>\r\n <\/div>\r\n

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Approve your renters<\/h3>\r\n

You're in control. Approve who rents and the hours of access.<\/p>\r\n <\/div>\r\n

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Get paid monthly<\/h3>\r\n

Sit back and collect automatic payments each month.<\/p>\r\n <\/div>\r\n <\/section>\r\n