*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Every year, it seems like there's opportunity to stumble upon "surprise money". That surprise money could come in the form of a tax return, or maybe even a bonus at work. Hopefully we'll never have to go through a pandemic again, but in 2020 some families qualified for a government stimulus check. This past year, I got a refund from our local hospital after I paid too much money out of pocket for a procedure I had done.
Whatever shape or form that "surprise money" comes in, it might be smart to put those extra funds towards your mortgage.
By doing so, you'll build equity in your home and pay off your mortgage earlier than anticipated! Who wouldn't want that?
One of my favorite mantra's to live by is "Get Out of Debt Fast." I had a professor in college put it to me this way...debt is like bondage, and nobody wants to relinquish their freedom to be bound by something that can easily be resolved.
If you go into debt, it's best to try and find ways to pay down that debt as quickly as possible. As long as there are no prepayment penalties, it's always a great idea to get your freedom from debt back.
When surprise money finds its way to you, it's easy to want to go out and spend it on a new wardrobe, or tickets to a ballgame or show. You may also want to use that money to purchase birthday gifts or a meal for the family. Those are all wonderful things to spend surprise money on.
Always ask yourself this question though... Would it be worth it to at least put some of that money toward paying down my loan? The answer will almost always be, absolutely!
For more tips on paying down your mortgage or getting into a home, please contact me! I'd love to help where I can and get you into the home of your dreams!
*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Brayden Ramsay NMLS #1997195
Momentum Loans NMLS #1606597
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