Updated: Nov 2, 2021
So you have probably made your bones with buying that first home, you carefully calculated how much time you would need to buy the home, you've built the perfect budget and have solidified a gorgeous credit score.
With help from your work friends and family you have discovered the best schools and the fastest route to your favorite Hot Wing spot. You have probably even imagined your first holidays in your dream home. But like many other first time buyers, you may be left in a quandary on what to do next.
Over the past few years I have had the opportunity to coach many new home owners and many of them like yourself are often in a place of disbelief in regard to how fast the home purchase went after the offer contract was accepted.
Those agonizing months or years of anticipation is well, anticlimactic at best .
This is the moment when you most families are taking a breather and begin to regroup from one of the most stressful purchases known to man.
So of course my recommendation is to start the payoff process. Obviously, that 30 years can't go by fast enough, so here are a few things that will help you to pull out a faster payofff.
Do make additional PRINCIPAL payments when possible, adding dollars to the principal will certainly affect your payment amounts in the future.
Do Ensure that when you are making those payments that you make sure that those payments are going straight to the principal.
Do make Bi-weekly payments on your mortgage rather than monthly payments, by doing this, you create extra payment every year that greatly reduces your length of payments.
Do set this up directly with your LENDER,
Do pay attention to the interest rates, it may be possible to refinance your loan to a 15-year loan, your payments may go up a bit but you can knock of years of extra interest and payments.
Do Keep up with your Home Warranty, any unexpected problems could send your fiancee into a tail spin that could take years to recover.
Do frequent updates to keep your home's value revenant and modern.
Do enjoy the fruits of your labor, you have earned it.