When people think about the valuable material things that they own, the first on many people’s lists include the homes that they own. Many people get caught up with the idea of ownership however, and fail to realize that their homes are still on a mortgage, and their lender essentially own a percentage of their home. Bust out your calculator, see how many years you have to pay off your mortgage at the rate you’re going, and see what solutions you can take to save yourself some money in the long run.
Yes, it might seem crazy that you would have two mortgages going at the same time, but it would make sense as a way to keep the family home intact. Maintaining the fixed costs of a second home, which includes electricity, heat, and a significantly higher tax rate can add up, and it’s money that could otherwise be in your pocket. If selling your home isn’t an option, consider setting it up as a vacation home if that’s an available alternative.
Although a car is seen as something that is necessary for maintaining a job and getting around to different places, it may be your answer to help pay off a part of your mortgage. If you’re currently paying off loans for your car, it may be a good idea to downgrade to a cheaper and more affordable car, and sell your more expensive car and future payments off to someone else.
Unless you’re in an extreme situation, a boat is something that is seen as a toy in the eyes of a lender, and a lump of cash that could be utilized in your eyes. Even if you just got a brand new pontoon boat from a maker such as Manitou Pontoon Boats, it might serve as a significant chunk of cash to help pay off a mortgage loan and save you money in the long term.