10 Easy Ways to Pay off Your San Diego Mortgage Fast in 2021

A mortgage is likely one of the largest expenses you’ll ever have. 

However, that doesn’t mean that you can’t manage it and pay it off as quickly as possible. 

There are lots of things you can do to pay off your mortgage fast, which are great for everyone, especially those in the San Diego area.

Here’s a look at 10 ways that are easy to implement and can save you a lot more money in the long run. 

Here's a quick rundown of our list:

Be Realistic

Before you even choose a home or get a mortgage, you have to be realistic about what you can afford. 

It is irresponsible to purchase a home that is out of your price range, since you will have a hard time making the payments. 

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If you have already done this or your situation has changed and you are having trouble affording your house after you’ve already purchased it, you should at least be sure that you always have up to date paperwork. 

When you review all the documents concerning your home, mortgage, and everything else, you will have a better understanding of exactly how much you owe. 

This can keep you from going into arrears, which is precisely what you want to prevent. 

It can also help you figure out exactly how much you can devote each month towards this major bill.

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Start Right Away

If you already know that you want to pay your mortgage off fast, you should start with your first payment. 

Don’t wait years into your mortgage to decide that you want to do a little bit extra to pay it off. 

When you have a plan very early on, you’ll likely be successful in your goals.  

It can help you pay it off faster too, since you started from day one.

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Pay a Little Extra

Most people start by paying a little extra on their monthly mortgage payments each month. 

This doesn’t have to be a lot of money; it should only be what you can afford. 

It also doesn’t have to be the same amount all the time, so don’t get caught up on the specific number. 

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Pay as Often as Possible

You can also opt to make payments two times a month or more, instead of just once. 

Again, you will have to make sure that you are paying more than the minimum amount, but what you add to that number is your decision. 

You can always make even larger payments when you get a bonus or around tax season too. 

Your lender is never going to tell you that you are paying too much, so send as many payments as you are comfortable with. 

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Make it Your Top Priority

Another option is to make paying off your mortgage your top priority. 

One way you can do this is to not incur any additional debt while you’re paying this off. 

You can also opt to put every extra cent you have into your mortgage, or at least have a special savings account or something else devoted to putting more money towards the total. 

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Give Yourself a Due Date

The bank gave you a timetable of how long you have before your house is paid off. 

You can also give yourself a timetable of when you want it to be paid off. 

For example, if you have a 30 year mortgage but would like to pay off your house in 15 years, this is something you can figure out how to do. 

When you have a clear plan, you can set budgets and other things, to make sure that you succeed. 

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Cut Other Expenses

Another thing that may not be pleasant but is easy to do is cut out any nonessential bills. 

If you are paying hundreds of dollars a year on cable or a home telephone line and you aren’t using it at all, you can get rid of it. 

The money you save on your bills go can directly into your mortgage payments.

Since it isn’t money you’ll miss, it shouldn’t be hard to send it right to the bank. 

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Consider More Income

Some people opt for doing side jobs or extra work on the weekends in order to send more money to the mortgage company. 

This can be anything from sewing for people to babysitting.

Other options include things you can do from your home computer, like blogging or selling things online. 

You could also do something like have a garage sale, to help fund future payments. 

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Refinance

Refinancing is also an option.

When you refinance your loan, you may be able to get better interest rates as well as lower monthly payments. 

This could allow you to send in more money towards the payments, since a higher amount is what you’re used to. 

You may also be more encouraged because the minimum payments would be lower than before. 

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Get a Shorter Term

If you have more money to invest in your mortgage, you can ask for a shorter term.

This is also a type of refinancing, which will shorten the length of the mortgage. 

It will make your payments higher, but that may be just what you need. 

You will be forced to make higher payments, but you’ll have to make fewer of them. 

Furthermore, your interest rates will drop, so you’ll be paying less money overall. 

Overview

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Just because your mortgage is for a certain amount of time and there are specified payment amounts, it doesn’t mean that you can’t deviate a little bit. 

If you want to pay off your loan faster, you can devote more money to your payments, pay more often, and do a number of other things, so that you will own your house outright sooner. 

Make sure you visit with a financial expert or your banking institution if you have any questions about your mortgage, and be sure to always have all your paperwork handy. 

You should also be aware of all the terms of your mortgage, so you know about any hidden fees or costs. 

What do you think?

Do you have any great hacks you use to pay down your mortgage faster?

Leave me a comment below – or, contact me here

Your Mortgage Hacking Insider, 

Scott

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