Collins & Demac Real Estate



Posted by Collins & Demac Real Estate on 7/20/2017

A month passes quickly, especially when you're faced with the responsibility of paying a five-figure or larger mortgage each month. Knowing that a $1,000 or more bill is coming in the mail, electronically or in print, could keep you up at night.

Paying a mortgage shouldn't leave you feeling anxious and worried

The only way to let go of all thoughts about paying a mortgage is to pay your entire mortgage off. That's not always easy if you just bought a house. With focus and action, there are things that you can do to release year round mortgage worries.

Giving yourself permission to accept how much financial responsibility you've taken on is a good first step. So too is remembering other times when you were concerned that you'd taken off more than you could chew only to find out that you had what it took to meet those demands. To stop worrying about your mortgage, you could also:

  • Look at your other household expenses. Can you cut down on water, electricity or gas usage? Do you really need to take four or more outfits to the dry cleaners each week?
  • Use money that you save from other household expenses to pay down the principal on your mortgage. Also, use a portion of the money to treat yourself to something that you love each week. It could be as simple as a new, ethnic meal. It could be as wonderful as a deep body massage.
  • Listen to people when they tell you that you have a gift. Consider using your gift to advise and consult others, to generate additional income. Put 75% or more of the income that you earn from this work to pay off the principal on your mortgage.
  • Take your bonus and overtime pay and start chipping away at your mortgage principal.
  • Get serious about paying off credit cards, starting with credit cards that have the highest interest rates. Just paying off one high interest credit card could save you several hundred dollars a month. Invest this savings in your aim to pay your mortgage off early.
  • Work up numbers on how much you would save if you refinanced your mortgage at lower interest rates.

A place to worry in is not what you bought your house for

At its core, a house should be a place to create great memories. It should be a place where you know, absolutely know, that you're free to express yourself without fear of ridicule or embarrassment. Step inside your house and you should let your hair down, not curl up on the sofa and start worrying about how you're going to pay next month's mortgage.

Start taking steps early to breakdown how you're going to pay your mortgage. Include how you'll pay your mortgage should unexpected events like job changes or layoffs occur. Be confident that you can continue to make changes, shifts in how you review and meet your financial responsibilities, until the task of paying your monthly mortgage no longer scares you.




Tags: Mortgage  
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