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A mortgage is likely the largest debt you will ever have to repay. The idea of having a mortgage hanging over your head for up to 30 years can feel daunting. With some sacrifices and discipline, you might be able to pay off your loan years ahead of schedule.

Make Extra Payments
Some mortgage lenders allow borrowers to make extra payments to repay their loans earlier. Some financial institutions accept additional payments at any time, while some dont accept extra payments at all, only accept them at specific times or charge penalties. Check with your lender.

If your financial institution will allow you to make extra payments, you could erase years from your repayment period. You can make an extra payment if you have additional funds from a bonus or the sale of property. If you mail an extra payment, include a note asking the company to apply it to the principal, not to the next months regular payment.

Another option is to make half of your regular payment every two weeks. That will result in 26 half payments, or 13 total payments, at the end of the year. Making one extra payment every year could help you pay off your mortgage several years ahead of schedule.

Find Extra Money in Your Budget
Making simple changes to your habits could help you save money to put toward your mortgage. For example, taking your lunch to work and making coffee at home instead of eating out and buying coffee on your way to work could help you save quite a bit of money over the course of a year.

Consider Refinancing or Downsizing
Refinancing your mortgage could help you pay it off sooner. Switching to a loan with a shorter term could lower your interest rate, which could save you thousands of dollars over the remainder of the repayment period.

If you are struggling to pay your mortgage, you might want to consider downsizing. If your kids have moved out, it doesnt make sense to make expensive mortgage payments for a house with empty bedrooms. Moving to a smaller home could save you a lot of money. You might even earn enough from the sale of your house to pay cash for a new, smaller one, thereby completely eliminating a mortgage.

Dont Get in Over Your Head
The best way to avoid being overwhelmed by a mortgage is to make careful decisions before you buy a house. Build an emergency fund to cover several months expenses. Pay off debt and save enough to make a significant down payment. Limit your mortgage payments to a relatively low percentage of your monthly income. If possible, opt for a mortgage with a shorter term to save money in the long run.

Work to Pay off Your Mortgage Early
The satisfaction of paying off a mortgage can be liberating. By making some changes to your lifestyle and setting small but reasonable goals, you may be able to repay your debt years ahead of schedule.

Published with permission from RISMedia.

Mortgage brokers and other real estate experts can often help homebuyers find the best interest rate on a mortgage that fits their needs, but that doesnt mean borrowers shouldnt shop around so that they’re well informed before talking to an expert.

Here are a few things consumers can do to get the best interest rate on a mortgage:

Fixed vs. Adjustable
Fixed- and adjustable-rate mortgages are the two most common forms of mortgages. A fixed-rate is set for the life of a loan, usually 30 years, and the mortgage payment is the same every month.

An adjustable-rate mortgage, or ARM, has an interest rate that changes after a certain number of years. It can remain at one rate for a year, then change based on an interest rate index chosen by your bank. An ARM can also be steady for five to 10 years, and then adjust annually.

ARMs usually have lower interest rates than fixed mortgages, and can help people afford homes if they only plan to live in them for a few years.

Pay points
Paying whats called a point through an upfront fee can lower the interest rate on a home loan. One point equals 1 percent of the total mortgage amount, lowering the interest rate by a fixed amount, usually 0.125 percent.

If you plan on staying in a home for a long time, paying points can save you money. You just need to do the math and determine how many months or years in savings it will take you to recoup the amount you paid in points.

Qualify for loan programs
Some loan programs have lower interest rates for eligible borrowers. These include VA loans for military veterans, FHA loans approved by the federal government, USDA loans and other government programs for first-time homebuyers.

If the interest rates arent as low as youre hoping for, these programs can still offer savings with low down payment requirements, protections if you fall behind on a mortgage, and allow low credit scores to qualify.

Improve your credit
Having a high credit score is one of the best things you can do to qualify for a better interest rate.

In the months before applying for a home loan, pay your bills on time and pay your credit card balances in full. Also, be sure to check your credit report for errors and dispute them.

Published with permission from RISMedia.

Do you look around your living space at the end of the busy work week and think, “What happened?” Piles of mail, dirty laundry and dishes are lurking around every corner. Between work and family, it can be hard to carve out the time to clear clutter. Below are three tips to manage clutter daily.

Make a clutter clearing playlist. At the end of the day, choose one or two songs, put them on and do a surface clean. Put the laundry away, empty the dishwasher and clear the kitchen table. By the time your chosen tracks are up”roughly six to eight minutes”your place will look a lot better, and so will your mental state.

Set yourself up for success. By having designated areas for the items that end up laying around, you will be more likely to put things away properly. Have a basket for mail that needs opening, a bin for shoes by the front door, and a station for things like keys, headphones and change that gets dumped from your pockets when you walk in.

Enlist help. Do you have a roommate, spouse or kids? Get them to pitch in every night after dinner and clear the day’s clutter.

Published with permission from RISMedia.

One feature that many people look for when buying a home is a fireplace, but not everyone understands what exactly goes into getting a nice fire roaring.

Knowing the terms can help. For instance, the fireplaces flue allows smoke to move through the chimney, and the damper is an opening you can adjust to control the intake of air and temperature of the fire. And dont forget, the flue needs to be open before a fire is first lit.

Of course, youll need to gather some wood to burn, which can be done by contracting with a provider of seasoned firewood, who will deliver and even stack it for you, or you can simply buy firewood at your local grocery store. Also, try searching Craigs list for free firewood in your neighborhood.

Firewood should be stored in a dry place so that its ready to burn. Never use wood from trees that have just been cut down, even if you have a bunch of it in your backyard from a fallen tree. That wood will most likely contain high levels of moisture that will result in more smoke than burn power, and it could lead to deposits forming on the inside of the chimney.

Once you get your fire going, use a mesh metal screen or glass fireplace door to keep errant embers from shooting out. This sort of protection in front of an open flame is especially important when the room is unoccupied.

Its always a good idea to close your fireplace down when youre done for the season. This can be done by removing all the burnt wood and debris and washing any soot that is visible. Use a vacuum cleaner to pick up ashes from around the opening.

Spring and summer are also great times to get your fireplace and chimney cleaned and inspected by an expert. Chimneys can get dirty quickly, as creosote, a highly flammable substance, can build up inside your flue lining. Animals also like to build nests in chimneys, and leaks and cracks can happen.

Doing this off-season can ensure youre prepared for the next crisp day when youre ready to enjoy another evening by the fire.

Published with permission from RISMedia.

If you’re between jobs or retired”or not working and considering retirement”you can still buy a home and get a mortgage that will require you to make monthly payments.

While you don’t need a job to get a mortgage, what you do need is income. And there are many types of income that lenders will accept for a mortgage loan. You’ll likely need to have a few of them to qualify, and you’ll need to document them. Here are some sources of income beyond having a job:

Social Security
Retirees aren’t the only people receiving Supplemental Security Income (SSI), which is a form of income. You may be on permanent disability or dependent on someone and receive SSI income.

Pension
If a former employer is sending you a regular check each month, it should be easy to document this income with bank statements or an award letter.

Retirement Fund Withdrawals
IRA withdrawals are required at a certain age. At age 59 1/2, you can withdraw any amount from your IRA without having to pay the 10 percent penalty; however, your regular income tax will be due on each withdrawal. Traditional IRA distributions aren’t required until after age 70 1/2. Most mortgage lenders will require having enough money in your retirement accounts to support withdrawals for at least five years.

Spousal or Child Support
You aren’t required by law to reveal income from spousal or child support, but you can if you want to, especially if it’s needed to qualify for a mortgage. The income should continue for at least three years, which should be stated in a divorce decree or child support agreement.

Dividend and Interest Income
If your investments are earning you money, that income can help you qualify for a mortgage. Most lenders will average the last two years of income as reported to the IRS, so lenders will need tax returns to use this income.

Asset-Based Income
Aside from any restricted retirement accounts, investments and savings that don’t have dividend or interest income can be used as income to qualify for a mortgage. These funds should be substantial, since Fannie Mae and Freddie Mac rules divide those assets by the number of months in which the loan will be repaid.

Private Loans
If you’ve loaned someone money and they’re paying you back, or you sold a house or business and are carrying a loan note that’s being repaid to you, these can qualify as income. Payments must last for at least three years to qualify as income toward a mortgage. A copy of the note and bank statements showing payments received will be required.

This article is intended for informational purposes only and should not be construed as professional or legal advice.

Published with permission from RISMedia.