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A mortgage payment can easily be the biggest bill in a monthly budget. Coming up with that money can be easy in some months and more difficult in others. Turning those difficult months into easier ones is possible with a few tactics.

Here are five hacks to help make paying your mortgage a little easier each month:

Get a side job
Just earning $500 extra a month ” or $125 per week ” can make paying a mortgage easier. To do this, get a side job for one or two hours per day at a gig you enjoy.

Consider dog walking, house sitting, driving for Uber, delivering meals or teaching a class at your local community center. Set each paycheck aside for your mortgage bill.

Rent out a room
There are several options for renting a room and making some money on the side. You can be a full-time, live-in landlord and rent out a room to a tenant by the month.

Airbnb allows users to rent rooms on their schedule ” one day at a time, a weekend, week or longer. Or rent your entire house for a few weeks while youre away on vacation.

Rent or sell your stuff
From your car, bike, surfboard and other gear, you can make some extra money by renting out your stuff when its idle.

If you want to get rid of something youre not using, then sell your unused books, bike, clothes, furniture and tools, among many other things, on sites such as eBay, Craigslist, Amazon and used book websites.

Use a work bonus or tax refund
A bonus at work or a tax refund can seem like found money, and its easy to spend it on a splurge such as a vacation.

Another use it to put it toward your mortgage for a month, saving you a payment and giving you a month of relaxing by not having to pull money from your regular budget to make a house payment. It can free up your other funds to invest or put aside in an emergency fund for a rainy day.

Pay down the principal
The above tips are meant to help you come up with some extra money so that your monthly mortgage payment is easier. While that can be good in the short term, you can also use the extra money to reach the long-term goal of paying off your home loan earlier. If your loan doesnt have a penalty for prepayment, then add to what you pay each month to your mortgage bill, and be sure to specify that the extra amount goes toward the principal.

It will help you pay off your mortgage faster and will save you thousands of dollars in interest over the life of the loan.

Hope you found these tips helpful! Contact me for more insights and info.

Published with permission from RISMedia.

Air quality has a direct impact on our health, both in and outside of our homes. While much is being done to improve the air outdoors, maintaining a healthy level of air quality inside is evenly important.

A range of triggers can lower indoor air quality, including carpets, chemical cleaners, heat sources and humidity. Build-up of these pollutants may result in Sick House Syndrome, which poses health risks to residents if not addressed. Airborne lead particles and radon are especially harmful.

Opening windows can significantlyimprove the quality of the air in the home, but in many households, doing so is just one of several necessary steps. A checklist:

1. Clean your home frequently, preferably with natural or non-toxic cleaners, a HEPA-filter vacuum and a mop. Regular cleaning eliminates dust, which could be contaminated withlead if the home was built prior to 1978.
2. Aim for less than 50 percent humidity inside the home; a higher percentage can lead to mold. A hygrometer can help determine the humidity level. Use an exhaust fan while bathing, cooking or using the dishwasher. Invest in a dehumidifier, if necessary.
3. Take care not to disturb lead-painted surfaces, especially if remodeling the home. If the paint is peeling, consult a lead removal specialist as soon as possible.
4. Test for radon. Most hardware stores carry do-it-yourself testing kits, and some utility companies offer the service free of charge. A qualified professional can conduct a longer-term test to determine radon levels at varying times throughout the year. He or she may recommend installing a radon mitigation system.
5. Dispose of paint, gasoline or any other chemicals at a certified hazardous waste disposal center. Visit search.earth911.com to locate a local facility. For future paint projects, purchase products labeled low VOC.
6. Replace the furnace filter every three months to reduce the amount of airborne dust circulating through the home.
7. Remove wall-to-wall carpeting, if possible”it traps particles that can exacerbate allergy and asthma symptoms, and may even contain formaldehyde, depending on the manufacturer. (Pressed wood materials, such as cabinets and furniture, may also release formaldehyde.)
8. Place plants where possible. House plants filter out airborne toxins, including ammonia and benzene, that can be detrimental to health. To reap the most benefits, use these NASA-approved species.
9. Remove shoes when entering the home, and place a floor mat at each entrance to deter any pollutants tracked in by guests. Dirt and pesticides brought in from outside can become airborne inside the home.
10. Insist the home remain smoke-free, if possible. Secondhand cigarette smoke, which lingers long after the smoker leaves, can have devastating effects on members of the household, including children and pets.

Published with permission from RISMedia.

Many hopeful homeowners may get confused by the terms modular and manufactured when it comes to property types. And while modular and manufactured homes tend to get used interchangeably, they are actually very different. Technically, both types of homes could be considered manufactured, since they are both built in a factory or manufacturing facility, but when it comes to manufactured and modular homes, its important to know the difference, especially when talking about financing.

Manufactured Homes

Constructed completely offsite and transported to their location, manufactured homes are also often called mobile homes or trailers. While they can come in a handful of different sizes, the most common are single- or double-wide. They can be located in a trailer community or on owned land, but manufactured homes are not on permanent foundations.

Lower in price, manufactured homes typically do not appreciate in value at the same rate as other types of homes. Because of this, it can be very challenging to find a mortgage lender who will finance the purchase of a manufactured home.

Modular Homes

Also called prefab homes, modular homes can come in a variety of shapes, sizes, styles and price ranges. Unlike manufactured homes, modular homes have comparable pricing to traditional site-built homes, and are similar in appearance, too. Sometimes modular homes can look exactly like site-built homes, due to the advances in modular construction and the wide variety of building styles that are available today.

Although modular homes can look just like traditional single-family homes, they are actually built in segments and then put together at the home site. Unlike manufactured homes, modular homes are constructed on a permanent foundation and are considered permanent structures.

Modular homes can be very cost effective and construction on them can be very efficient. Modular homes have to adhere to all state and federal building codes and must have the same kind of inspections as a regular site-built home. By contrast, manufactured homes only have to adhere to the standards set forth by the Department of Housing and Urban Development (HUD), which tends to have more lenient rules and regulations.

Finding affordable financing for a modular home purchase or refinance isnt nearly as difficult as it is for manufactured housing, so if you need a mortgage, a modular property is the way to go.

Published with permission from RISMedia.

Tiny homes dont cost much, but they can require a tiny mortgage.

Unless you have $30,000 in cash to buy the average tiny home of 200 square feet, it can be difficult, if not impossible, to get a mortgage on a tiny home. A mortgage requires that a home be placed on a permanent foundation, not a trailer with wheels, as many small homes are.

Most mortgage lenders have minimum loan amounts that are much higher than a tiny home budget. The typical size of a small home seldom exceeds 500 square feet. The average cost is $30,000, though it can range from $10,000 for a build-it-yourself tiny home to $100,000 or more for one from a professional builder. Such small loans may not be worth the risk to lenders.

The good news is that there are other ways to finance a tiny home:

RV Loan
If a tiny home meets the manufacturing and safety requirements to be certified roadworthy by the Recreational Vehicle Industry Association, it may qualify for an RV loan from a bank. The main requirement is that the home be on wheels.

Personal Loan
If a tiny home isnt certified as an RV, or its not on wheels and is on a foundation, then an unsecured personal loan may work best.

This way, the borrower, not the home, is being underwritten through the loan. The tiny home isnt used as collateral, as with a mortgage. A customers credit history and ability to repay will be the basis for loan approval, and they wont have to justify how the money will be used.

However, personal loan rates can be twice as high as 30-year mortgages, though at much shorter terms of up to seven years. That can be good for a tiny-homebuyer, giving them a small loan that they can pay off within several years to then save money for other things down the road.

Traditional Mortgage
If your tiny home is going to be on a permanent foundation, that may be enough to get you in the door at a bank offering a traditional mortgage, despite the small loan amount. Even for a small loan, a bank may consider you if you have good credit and your tiny home meets the local zoning codes and licensing rules. Like an RV loan, the mortgage will be secured by the home, which is key to being able to deduct interest.

With tiny homes becoming more popular, look for more lenders to enter the market. When a need for loans is created in the marketplace, banks often find ways adapt.

Published with permission from RISMedia.

If you own a house, homeowners insurance is a necessity. A storm might damage your home, your belongings might be stolen, or someone might be injured. Without homeowners insurance, you would be responsible for paying those bills, which could easily total thousands of dollars. Homeowners insurance can protect you in many instances, but not always. It’s important to understand what a policy does and doesn’t cover.

What Homeowners Insurance Covers
A homeowners insurance policy provides coverage for specific perils, or things that could cause damage, injuries or losses. A typical policy will cover damage to your house caused by a storm or fire. A policy covers the house itself, as well as a garage, deck, porch or shed. If your home is damaged by a covered peril and you’re not able to live there while it’s being repaired, your homeowners insurance policy should cover your living expenses in the interim.

A homeowners insurance policy also covers personal property. It will pay to replace your belongings if they’re stolen, damaged or destroyed by a covered peril. If you own expensive items, such as jewelry or furs, you may need to purchase additional coverage with higher limits to cover the value of those items.

Homeowners insurance can also protect you from financial liability for injuries to others. For example, if a guest falls on your property and is injured, your homeowners insurance policy will pay for related medical bills and legal expenses.

What Insurance Doesn’t Cover
A typical homeowners insurance policy doesn’t cover all types of natural disasters. Most policies do not cover flooding or earthquakes, although you might be able to purchase additional coverage to protect yourself from those perils. These types of coverage are not available in all locations.

A homeowners insurance policy might cover damage caused by a burst water pipe, but a claim could be rejected if the pipe bursts because of a lack of maintenance or insulation. Some policies cover mold, but the company may only pay if the mold was caused by a burst pipe. Policies typically do not cover sewer backups, although it may be possible to purchase additional coverage for this peril. Injuries caused by dog bites may or may not be covered, depending on the breed.

Deductibles
When you file a homeowners insurance claim, you will typically need to pay a deductible. This is an amount set by the policy that the policyholder needs to pay before the insurance company will pay the remainder of the value of the claim.

Talk to Your Insurance Agent
Damage, accidents and injuries can occur at any time, and they can be expensive to address. Homeowners insurance can protect you in many, but not all, circumstances. It’s important to ask your insurance agent exactly what is and is not covered and whether you should pay extra for additional protection.

Published with permission from RISMedia.