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While many homeowners make monthly mortgage payments, millions enjoy the luxury of owning their homes outright. If you strive to join their ranks, there are a number of ways you can expedite the completion of your mortgage ” and none include lottery tickets.

Below are three ways you can pay your mortgage off faster.

1. Making Extra Payments
There are several ways you can make extra payments. Consider doing one of the following options, or doing a combination of them.

Make an extra payment each quarter (4 extra payments/year).
Divide monthly payment by 12 and add that amount to each monthly payment (adds up to 1 extra payment/year).
Pay half of your mortgage payment every two weeks ” aka biweekly payments (this also adds up to 1 extra payment/year).
Make an extra payment whenever you can. If you receive a bonus at work, tax refund, or win a sweepstakes, consider putting that extra money toward your mortgage. Just be sure to have your lender apply it to your principal balance.

2. Rounding Up
Round your mortgage payments up to the nearest ten, twenty, or even fifty dollars, so that youre paying at least a few dollars more each month.

For example, if your monthly mortgage payment is $930, you could round it up to $950, putting an extra $20 toward your mortgage per month ($240/year).

3. Refinance to a Shorter-Term Mortgage
Refinancing into a shorter term mortgage will most likely make your monthly payments increase, but in return it will help you pay off your loan much sooner, therefor avoiding additional interest fees.

If you can comfortably afford the higher payments, and if you can lock in a lower interest rate, then refinancing into a 10-, 15-, or 20 -ear mortgage could be a great decision.

You may be surprised to find out that even making a few additional payments a year can really help reduce your mortgage balance sooner. If you want to crunch the numbers and see exactly how making extra payments will affect your mortgage contact a mortgage professional or talk to your accountant.

While all of these tips are pretty reliable ways to pay down your mortgage, please consult a financial advisor before acting on a strategy.

Published with permission from RISMedia.

Man caves and she sheds have been hot trends for years, but one of the best things to do with an extra room is to create a special place the whole family can enjoy. This is especially true as kids spend more and more time on their phones, and lets face it, kids arent the only ones who are addicted to their screens.

Creating a gadget- and TV-free room results in a space where family members talk and interact together. Here are some tips to create this special room:

Decorate with comfort: This isnt a fancy room, so pick furniture thats comfortable and fun. A nice couch and bean bag chairs are a good start. Make sure the room is well lit and has lots of shelves. Hang up fun posters and family photos.

Add reading material: A spare room is a great place to encourage reading. Get a bookshelf and start with picture books and chapter books for the youngest members of your family. Set aside a time where you read to your kids and make it special by including cookies or a healthy snack. Also add graphic novels and young adult books for older kids.

Set the scene with music: The idea is to keep gadgets out of this room, so that includes music streaming, too. You probably have a box of CDs somewhere, so put them to use by buying a CD player. And vinyl records are growing in popularity, even with young people. Buying a turntable isnt just hip, it creates opportunities for the family to buy records together, either online or at a record shop, if theres one near you.

Games and puzzles: If your family doesnt play board games, you might be surprised at how much fun they are. Set up a table for games, and find options for people of all ages ” Candy Land and Chutes and Ladders for little kids, Monopoly, Clue, Life, and Sorry! for the whole family. Aside from those classics, there are all sorts of fun games to try like Ticket to Ride, where players establish railroad lines across the board, Wingspan, a hot new game thats easy to learn, and Sherriff of Nottingham, a fun social game with lots of bluffing. Puzzles are another great option for fun family time, especially since you can find puzzles for people of all ages in all sorts of themes.

Bottom line, the family that plays together, stays together.

Published with permission from RISMedia.

If youre buying a house or condo, chances are you are going to need a mortgage, as having total cash on hand is rare.

Most people know you should shop around for a strong rate and lender before agreeing to terms, but many dont realize the different people involved.

By understanding the lender community, you can get financing that makes the most sense for you. Here are some terms you should know:

Mortgage Lenders: This is probably what you immediately think of when you first hear talk of mortgages. Mortgage lenders are the ones that will provide the money you need to buy your home. Simply fill out some information on your financial background, and youll see what sort of mortgage interest rate you are eligible for.

Mortgage Brokers: Brokers dont actually make loans, but they do deal with multiple lenders. Youre still utilizing a lender for the money, but the broker will help you find the one that will offer you the best rate and terms.

Mortgage Bankers: Almost all mortgage lenders can be classified as mortgage bankers, which means that they dont lend their own money, but borrow funds at short-term rates from warehouse lenders. Larger mortgage bankers will originate their own loans, which they will then sell directly to Fannie Mae, Freddie Mac or investors.

Portfolio Mortgage Lenders: These lenders originate and fund their own loans, offering more flexibility in loan products because they dont need to adhere to the guidelines of secondary market buyers.

Wholesale Lenders: Wholesale lenders cater to mortgage brokers for loan origination but offer loans to brokers at a lower cost than their retail branches offer to the general public. The result for the borrower is that the loan costs about the same as if he obtained a loan directly from a retail branch of the wholesale lender.

Hard Money Lenders: If youre having trouble getting a mortgage and working with a portfolio mortgage lender, a hard money lender may be your last resort. These lenders are private individuals with money to lend, though interest rates are often much higher.

Correspondent Mortgage Lenders: These lenders have agreements in place with one or more wholesale lenders to act as their retail representative, so they lend directly to homebuyers and use wholesaler guidelines to approve and close loans with their own money. They also agree to buy back any loans they close that deviate from wholesaler guidelines.

Published with permission from RISMedia.

Pests can really detract from your enjoyment of your home. And if you have pets or kids, you might not want to treat them with traditional methods”aka poisons that can be harmful, not only to the critters youre trying to eliminate, but also to your loved ones. Here are a few ways to say goodbye to ants, mice and more in your home in a safe way. The best part? You might have everything you need in your pantry already.

Ants

Use vinegar: Ants hate this pungent smell, so spraying it where they are entering your house, or in the areas where you see them, will get them to avoid the area in the future.

Try citrus: On a similar note, ants arent big fans of citrus, so saving your peels from oranges and grapefruits, and leaving them near entry points, can deter ants. This also works well with citrus essential oils.

Outline your domain in chalk: Draw a line in the proverbial sand with ants! They dont like to cross chalk, so if you outline where you want them to stay (aka outside your home), they just might heed the warning. This also works well with used coffee grounds.

Mix borax or baking soda with sugar: Mix equal parts of these with powdered sugar and make a mini trap out of a lid or plate (keep out of reach of pets and kids). The ants will be attracted to the sugar, eat the borax and baking soda (which is fatal to them) and bring it back to their colony so they can ingest it, too.

Rodents

Seal up food: All your food (from the dry goods in the pantry to the dog food) should be properly sealed”this obvious but important step can make your home a lot less appealing for a hungry mouse.

Restrict access: Tools like caulk or steel wool, poked into cracks or holes in your home, can keep rodents out”another early step that is essential yet often overlooked.

Stink them out: Like ants, mice have sensitive noses and dislike oil scented with peppermint, cayenne, and cloves (which, incidentally, will make your home smell lovely!). Soak cotton balls with the essential oils and stick them where mice (used to) like to hang out.

Try a humane trap: There are several good types of humane traps on the market. Some literally trap the unwelcome visitor. The downside is that you have to check the trap and get up close and personal when you release it. If you forget to check it, the mouse can die because of lack of food. There are also repeller devices that work by sending out sound waves.

Still have a problem? Consult an expert. A good pest control company should be able to help you win your war against bugs or rodents”sans dangerous chemicals.

Published with permission from RISMedia.

If you’re shopping for a mortgage, you need to decide whether to choose one with a fixed or adjustable interest rate. An adjustable-rate mortgage, or ARM, might be a good idea if you’re only planning to stay in your home for a short period of time, but you need to ask questions and read the fine print first. You might be surprised by skyrocketing payments if you don’t understand the terms clearly.

How an ARM Works

With a hybrid ARM, the interest rate will change periodically based on market conditions. That means your monthly payments will also change. The interest rate will be fixed for a period of time, and then it will adjust periodically after that. The interest rate is typically low at the beginning, but it may rise dramatically once the fixed-rate period ends and the adjustment occurs. The lender decides which index to use to set the interest rate and adds a margin to the index to determine the interest rate on the mortgage.

Some lenders offer an initial discounted interest rate that is less than their fully indexed rate. This usually ends when the interest rate adjusts for the first time, which means the interest rate can rise significantly. The amount the interest rate can go up is capped periodically (from one adjustment period to another) and over the lifetime of the mortgage.

With an interest-only ARM, your payments for the first several years will only go toward interest. After that, you will need to pay for both interest and principal, which means your payments could skyrocket overnight.

A payment-option ARM allows you to decide every month whether you want to make a payment toward principal and interest, interest only, or a smaller payment that does not cover the total cost of interest. If you choose the last option, the unpaid interest and principal are added to the total amount of the mortgage.

Potential Problems

Many people have gotten into trouble with ARMs because of negative amortization. That happens when the amount of payments made is not enough to cover interest. The amount of unpaid interest is added to the loan, and then interest is charged on that. This means the total balance on the mortgage can actually increase, even if you make payments on time every month. Avoid an ARM if negative amortization is possible.

Some ARMs have prepayment penalties. You might have to pay thousands of dollars if you decide to sell your house or refinance your mortgage.

Weigh the Pros and Cons

The most attractive feature of an ARM is the low, fixed rate for the first several years. This could help you save a significant amount of money if you plan to sell your house before the rate adjusts. If you decide to stay in your house longer, your payments could become too much for you to handle. Before you choose an ARM, think carefully about your future plans and make sure you understand the terms.

Published with permission from RISMedia.