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Dunbar shares how an early mortgage payoff can be within reach with the right approach.
Here are his four expert strategies for Gen X homeowners tospeed up mortgage repayment and build long-term financial security.
By reviewing monthly expenses, homeowners can identify areas where they can cut back.
Directing these savings toward your mortgage can make a noticeable difference over time.
I suggest reviewing your budget quarterly or at least twice a year, Dunbar advised.
Break your spending into three categories: want to have, nice to have, and need to have.
If youre overspending on want to have items, those are perfect areas to cut.
Use those savings to pay down your mortgage or work toward other financial goals.
Its crucial to consider your budget as a whole, especially when planning for future expenses.
Ask yourself whether your current income will cover these costs.
If not, make adjustments now to reduce outgoing payments.
When refinancing for a lower interest rate, many homeowners focus on the reduced monthly payment.
This simple strategy can shave years off the mortgage and reduce the total interest paid.
This can often be achieved by refinancing or having the property reassessed after its value increases.
Eliminating mortgage insurance and applying those savings to the principal is another powerful way to accelerate debt reduction.
Align this goal with your overall retirement plan.
Consider adjusting the loan term to match your payoff target when refinancing for a lower interest rate.
However, a smarter approach is to continue making the same payments as before.
This method helps you pay off your mortgage sooner while still benefiting from the refinance.
Many people face financial trouble later in life because they never planned for future expenses.
Proper planning and discipline are key to paying off debt faster, Dunbar added.
Be an Advocate for Yourself
Advocating for yourself can be key to paying off a mortgage faster.
He also suggested regularly comparing prices for services like cable, internet, and insurance.
Small efforts add up to big results.
Every penny saved is money that can go straight toward paying off your mortgage.
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