{"id":19499,"date":"2019-03-14T11:13:09","date_gmt":"2019-03-14T11:13:09","guid":{"rendered":"https:\/\/www.thehouseshop.com\/property-blog\/?p=19499"},"modified":"2020-05-22T20:11:07","modified_gmt":"2020-05-22T20:11:07","slug":"how-to-live-mortgage-free-12-mortgage-hacks-to-consider","status":"publish","type":"post","link":"https:\/\/www.thehouseshop.com\/property-blog\/how-to-live-mortgage-free-12-mortgage-hacks-to-consider\/","title":{"rendered":"How to live mortgage free: 12 Mortgage hacks to consider"},"content":{"rendered":"\n<!-- SEO Ultimate Plus (https:\/\/seoultimateplus.com) - Code Inserter module -->\n<script async>(function(s,u,m,o,j,v){j=u.createElement(m);v=u.getElementsByTagName(m)[0];j.async=1;j.src=o;j.dataset.sumoSiteId='b68b392479b5981b8acf46565e9fe32a0734fc21a1f7c1e60121eaa6ca1a1c64';v.parentNode.insertBefore(j,v)})(window,document,'script','\/\/load.sumo.com\/');<\/script>\n<!-- \/SEO Ultimate Plus -->\n\n<p><span>One of the most common expenses for an average family in the United States is the mortgage. For all of those families,<\/span><b>\u00a0one of the biggest dreams is living without a mortgage<\/b>. That is why we have prepared\u00a0a\u00a0guide on\u00a0how to live <span style=\"color: #ffffff;\"><span style=\"background-color: #a4a3a3;\">mortgage-free<\/span><\/span>. Here is our list of 12 mortgage hacks to consider in order to live without a mortgage.<\/p>\n<h2><b>Hack 1. &#8211; If you want to live mortgage-free, you need to\u00a0do the math carefully<\/b><\/h2>\n<p>This one is somewhat\u00a0obvious but has to be said. In order to live <span style=\"color: #ffffff;\"><span style=\"background-color: #a4a3a3;\">mortgage-free<\/span><\/span>,\u00a0<b>you have to find a way to get rid of it as soon as possible<\/b>. There are two ways to go about this. The first one is the harder one &#8211; If you have the money required, pay it right away and you are done with it. However, people usually cannot afford that. So, the next solution is to make a budget plan. Set a date by which you want to be rid of the mortgage, like 6 years for example. Then calculate how much\u00a0money you have to cash each month to achieve that goal.<\/p>\n<h2><b>Hack 2. &#8211;\u00a0Planning is crucial<\/b><\/h2>\n<p>You are moving because of business\u00a0to another state? Well, you are going to have to\u00a0find interstate office moving experts\u00a0to help you. That is just one of the things that you have to take into consideration when getting a new home. Planning is really important for\u00a0arriving at your new home, but also for making it completely your own as soon as possible. One of the ways to\u00a0live <span style=\"color: #ffffff;\"><span style=\"background-color: #a4a3a3;\">mortgage-free<\/span><\/span>\u00a0is to\u00a0<b>make a deal with your bank to do half-the-rate biweekly payments<\/b>. Paying them this way will result in 26 half-payments at the end of the year since the year has 52 weeks, which translates into 13 monthly payments, instead of standard 12.<\/p>\n<p><span><img loading=\"lazy\" class=\"aligncenter size-full wp-image-19501\" src=\"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2019\/03\/How-To-Live-Mortgage-Free-12-Mortgage-Hacks-to-Consider-1.jpg\" alt=\"\" width=\"500\" height=\"352\" \/>Planning is really important, so do it carefully!<\/span><\/p>\n<h2><b>Hack 3. &#8211; You got some extra money? You know what to do<\/b><\/h2>\n<p><span>Whenever you get some extra cash, whether a pay rise or a tax refund, go to your bank.\u00a0<\/span><b>Transfer it right away to into an extra mortgage payment<\/b><span>. When you look at them separately, they may not amount to much. However, when they add all up, they may significantly\u00a0help you with your overall interest.<\/span><\/p>\n<h2><b>Hack 4. &#8211; Earn more money!<\/b><\/h2>\n<p>A little bit of money here and there, in the end, can amount to a lot of money. When you plan a move, it is best to\u00a0<span>hire packing experts before you move<\/span>, as it will give you a clearer picture of your budget. Same goes for planning the mortgage. It is best to\u00a0<b>start finding ways of getting extra income<\/b>\u00a0throughout the years. This will make it easier for you to put in extra payments. In turn, it will result in speeding the things up towards the time when you will be able to\u00a0live <span style=\"background-color: rgba(46, 146, 255, 0.2);\">mortgage-free<\/span>.<\/p>\n<h2><b>Hack 5. &#8211; Extra principal payments are always a good idea<\/b><\/h2>\n<p><b>Your mortgage consists of the principal sum and the interest<\/b><span>. The quicker you are with paying the principal sum, the smaller your interest will be. So, make sure that you pay extra principal payments every time you can. This can reduce your interest significantly.<\/span><\/p>\n<h2><b>Hack 6. &#8211; Refinance your mortgage<\/b><\/h2>\n<p><b>Refinancing is a very useful option<\/b>. If you exploit it carefully, it may help you\u00a0live <span style=\"background-color: rgba(46, 146, 255, 0.2);\">mortgage-free<\/span> sooner than you thought. Refinancing means that you get a shorter-term loan followed by a lower interest rate. This can make loan term shorter, which in turns means lower interest rates. Getting some\u00a0<a href=\"https:\/\/www.thehouseshop.com\/mortgages\"><span>professional mortgage broker advice<\/span><\/a>\u00a0might be a good idea as they can direct you more precisely.<\/p>\n<p><span>Refinancing your mortgage can help you get the mortgage over with sooner\u00a0<\/span><\/p>\n<h2><b><img loading=\"lazy\" class=\"aligncenter size-full wp-image-19502\" src=\"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2019\/03\/How-To-Live-Mortgage-Free-12-Mortgage-Hacks-to-Consider-2.jpg\" alt=\"\" width=\"500\" height=\"338\" \/>Hack 7. &#8211; Consider buying a home on a contract<\/b><\/h2>\n<p><span>You can find a homeowner willing to finance the purchase and then set up the usual monthly payments. You sign a contract with them, and once you pay the full amount to them, the\u00a0home is yours. However, it is important to emphasize the fact that\u00a0<\/span><b>this loan still has an interest rate<\/b>.<\/p>\n<h2><b>Hack 8. &#8211; You can use your retirement funds<\/b><\/h2>\n<p><span>Borrowing your retirement is an option, but you should not do this, unless in emergency cases. Also, you should<\/span><b>\u00a0do this only if it is possible to borrow the money with a lower rate than your mortgage<\/b>. And, of course, if you can pay off the entire balance. If you are younger than 59.5, you are also going to have to pay withdrawal penalties. If you are going with this, it is best to\u00a0<a href=\"https:\/\/www.thehouseshop.com\/property-for-sale\"><span>find a place to buy<\/span><\/a><span>\u00a0with a complete cash purchase.<\/span><\/p>\n<h2><b>Hack 9. &#8211; Renting is also a great option<\/b><\/h2>\n<p>You can live <span style=\"background-color: rgba(46, 146, 255, 0.2);\">mortgage-free<\/span>\u00a0by going for\u00a0<b>the rent-to-own option<\/b>. You can make a deal where you\u00a0<a href=\"https:\/\/www.thehouseshop.com\/property-to-rent\"><span>find a place to rent<\/span><\/a>\u00a0and every rent you pay brings you one step closer to owning your home. By paying the rent each month, you are making a down payment that will eventually lead to house transferring to you. Bear in mind however that this option is a bit more expensive than when you are buying a home on contract.<\/p>\n<h2><b>Hack 10. &#8211; Live on the road<\/b><\/h2>\n<p><b>You can buy a mobile home much more easily than a house or an apartment<\/b>. This will completely eliminate any loan payments. You can also live here while you are saving up the money for buying a regular home. Living in a mobile home park, however, means that you have to buy monthly fees. This option can offer a lot, but you should analyze it carefully, before going with it.<\/p>\n<p><span>If you like adventures, you can live in a mobile home while you save money for a\u00a0home<\/span><\/p>\n<h2><b><img loading=\"lazy\" class=\"aligncenter size-full wp-image-19503\" src=\"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2019\/03\/How-To-Live-Mortgage-Free-12-Mortgage-Hacks-to-Consider-3.jpg\" alt=\"\" width=\"500\" height=\"281\" \/>Hack 11. &#8211; You can always go with Airbnb<\/b><\/h2>\n<p>Thanks to the modern era&#8217;s ability to connect people from all over the world, people can now go practically anywhere they want as tourists and find a place to sleep.\u00a0<b>You can use Airbnb to help you pay your rent<\/b>. Renting your house or at least the house&#8217;s rooms can be a really great way to cover your monthly mortgage and thus enable you to live <span style=\"background-color: rgba(46, 146, 255, 0.2);\">mortgage-free<\/span>.<\/p>\n<h2><b>Hack 12. &#8211; You can always build your home<\/b><\/h2>\n<p><span>That is if you can afford it. There are home construction loans that can help you out with this. They are smaller and easier to pay than a mortgage. In most cases at least. In case you are able to build a house without need any loans, then\u00a0<\/span><b>this is probably the best possible option for you<\/b><span>.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>One of the most common expenses for an average family in the United States is the mortgage. For all of those families,\u00a0one of the biggest dreams is living without a mortgage. That is why we have prepared\u00a0a\u00a0guide on\u00a0how to live<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/how-to-live-mortgage-free-12-mortgage-hacks-to-consider\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":41,"featured_media":19500,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"wl_entities_gutenberg":"","_lmt_disableupdate":"","_lmt_disable":"","spay_email":""},"categories":[15,16],"tags":[],"wl_entity_type":[602],"modified_by":"Editor","_wl_alt_label":[],"jetpack_featured_media_url":"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2019\/03\/How-To-Live-Mortgage-Free-12-Mortgage-Hacks-to-Consider-4.jpg","wl:entity_url":"http:\/\/data.wordlift.io\/wl0502\/post\/how_to_live_mortgage_free__12_mortgage_hacks_to_consider","_links":{"self":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/19499"}],"collection":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/comments?post=19499"}],"version-history":[{"count":3,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/19499\/revisions"}],"predecessor-version":[{"id":22066,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/19499\/revisions\/22066"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media\/19500"}],"wp:attachment":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media?parent=19499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/categories?post=19499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/tags?post=19499"},{"taxonomy":"wl_entity_type","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/wl_entity_type?post=19499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}