Paying Your Mortgage
April 23, 2021
Paying your mortgage can seem like a daunting task when first approaching it but don’t think you’re alone! We’re here to provide information on how to correctly and efficiently make those monthly payments while never missing a date.
Tips To Help Make Mortgage Payments
While communication is obviously important to make sure everything is being taken care of, let’s look at some tips that will help make the process easier.
- Setup Recurring Payments: The easiest and most straightforward way to make sure you never miss a payment is to set up recurring payments. Recurring payments will make sure that your bills are paid as soon as they are posted and you won’t have to ever put a second thought to it.
- Pay Ahead of Schedule: Say another expense has come along and you can’t afford to pay for both at the same time. Paying ahead of time is a good way to allow for spacing out your payments. As long as your current monthly payment is made, you can pay for the following month and then afford that vacation you’ve been planning for at the same time!
- Make Sure Your Payment Has Gone Through: Sometimes, a payment may not be properly recognized by your bank and may not take the funds from your account. This can sometimes lead to over drafting and can lead to an even bigger headache down the road. If payment is made and the funds aren’t taken immediately, don’t panic! The funds can sometimes take up to a week to be processed.
- Update Your Information: You may have gotten a new debit or credit card with information that is different from your previous one. If this is the case, make sure you go into your payment information and update it so a charge isn’t missed.
Other Important Mortgage FAQs
-Why am I being asked to pay extra?
If you’re being asked to pay more than what you usually owe, this is often because your lender wants to cover costs for homeowners insurance, taxes, and/or private mortgage insurance. It may seem odd, but this is an incredible convenience that will save you from getting an even larger expense in the future.
-Paying Off Your Debt
The budget you set for yourself to live and enjoy things shouldn’t be put in jeopardy, but in order to pay off a mortgage, people will often put more money towards this so they can enjoy life even more later on and not have to worry about this monthly payment. The earlier you can pay off your mortgage, the sooner you can enjoy life knowing that you no longer have to worry about paying off your own home.
Paying off your mortgage also allows you to pay hundreds of thousands less in interest.
Other Ways To Pay Off Your Mortgage
One of the easiest and simplest ways to further pay off your mortgage is to round up your payment to the nearest dollar. This may not seem like a lot at first, but as time goes on this soon starts to add up and can help complete your payment months and sometimes even years ahead of schedule.