I recently published Three Tips to Pay Off Your Mortgage Fast over at Associated Content. One of the tips I listed was to round up. We do this each month with our second mortgage, though it is considerably less than our first. The reason for this is because our second mortgage has a much higher interest rate. Truth be told, we want to move desperately and paying down our mortgage will likely get us closer to break even than waiting for a miraculous jump in home prices in my area. Rounding up - even a little - does help drop your loan balance. I'm hoping to find a way to round up even further and put a significant dent in that debt this year.
Don't let that change pile up in a jar - put it to work for you. Do you have a dollar to spare? Check out this article at Good Housekeeping that talks about adding just a dollar a month to your mortgage and how it can help pay down your loan super fast.
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