For most of us, our mortgage is our biggest financial burden - and one that’ll be with us for decades. However, it’s important to remember that the life of a home loan doesn’t need to be as long as the contract suggests; you’re free to pay it off faster and take that financial load off your shoulders sooner.
For most people, their home is their biggest expense and the sooner you can pay down the debt, the better off you’re going to be financially. Fortunately, there are a number of things you can do to cut years off your mortgage.
As the new year gets underway, it can be the perfect time for many to take a closer look at their finances. To get ahead, one of the most important things you can do is to cut down on your high-interest debts. For homeowners, a clever way to do this is with the help of debt consolidation. Consolidating various debts into your home loan can be a strategic financial move that reduces your interest and allows you to pay the debt down faster. However, there are both advantages and disadvantages that you need to consider.