Whether your home is for financial investments, a place to live, or raise a family, Americans spend a majority of their income on housing costs, regardless of age or income. Here are some simple tips to help you save on your monthly expenses without downgrading.
Make Sure Not To throw Your Money Away
Don’t spend any unnecessary money on heating or air conditioning for your house. There is a simple trick to cutting the cost of your gas bill. Weatherproofing your doors and windows can help you save up to 25% and cut your cost in half by 40 percent on your next gas bill. This means extra money in your pocket.
Double Your Monthly Principal
Ever wonder how to pay a mortgage loan fast? Well, you are in luck! You can pay a mortgage rate fast without the pressure and risk of a mortgage payment every month. According to Buyer’s Edge Company’s vice president, John F. Sullivan, by paying your monthly payment as well as the principal of the following month’s payment you are able to save substantially on the interest paid and the flexibility to pay down the principal when it fits [a homeowner’s] budget. Sullivan was able to get ahead 53 months of his lender’s payment schedule as of last year. He does suggest to check with your lender to make sure there are no prepayment fees.
Talk to a Mortgage Banker
Look for a mortgage banker, not a broker, to discuss your current financial situation. A broker is great for the buying process, but once you have bought your home and are set up with a lender, there is not much more a broker can do. A banker will be able to sit down with you and discuss any areas of improvement or adjustments you can make to save money.
Schedule Monthly Maintenance
Schedule monthly maintenance check-ups so that down the road you don’t have any costly surprises. It’s easy to overlook small fixes, but eventually, those repairs could lead to a more disastrous problem. By doing this you will not only keep your home in tip-top shape, but you’ll also increase your home value.