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Debt Reduction Ideas
Simple ideas for putting more money in your pocket!!
In my many years in the real estate industry, I’ve seen people struggle under the burden of debt. At the same time, I’ve seen people make minor changes and move closer towards financial independence. Here are some of those ideas. These sensible, accelerated methods can help you put more money in your pocket.
* Carefully evaluate your mortgage terms. By changing the interest amount, your monthly payment, and the amortization period, you could save thousands! * Each year, the bank sends you a mortgage statement. When it’s time to renew your mortgage, ask your financial institution to increase your mortgage payment by $50.00. If you were faced with a rent increase of $50.00, you’d likely find the money, rather than move. The same holds for your mortgage. This small amount can move you closer to paying off your mortgage. * In some cases, your existing home could be used to help you become debt free. Here’s how the idea works. Your home has likely increased in value. In addition, your regular monthly payments have reduced the amount you owe on the property. The difference between your home’s value and the debt outstanding on the mortgage is your earned EQUITY. You could sell your existing home. Then you could pay off your debts. Then, with as little as 5% down, you could purchase a new home. You could also purchase a home with an assumable mortgage. You pay the cash already paid toward the mortgage and assume the payments.
With some creative ideas, perhaps you’re in a situation to move closer to independence. As your professional Realtor, I can work the numbers for you, make some suggestions and even assist you in the sale of your existing home and the purchase of a new one. As a VIP client, you’ll have full access to all the services of this website, including being among the first to obtain information on new homes as they come onto the market. Contact me for more information