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I have a mortgage of $100,000, and I want to pay it off super fast, so Ive been selling heaps of stuff on EBay, and putting the cash straight onto my Home Loan, what other ways can I generate cash?
1. Be sure to avoid early mortgage termination fees, that is, if you pay all of your mortgage off before it supposed to be over, you might face a fine, may be a couple of thousand dollars. Depending on your mortgage company. You could buy stuff off of eBay and other online auction sites they sell it for a higher price. Or you could be a real estate broker, that is, you sell homes, the certification is easy. Just you gotta find the right houses at the right times.
2. Keep plugging away. I have overpaid my mortgage just about every month since I got my loan 4 years ago. I am now paid down to what I normally would have been at year 16 of paying, so its a good feeling! But I am still not even at half of the payment going toward principal; more is still going to interest every month. At some point the principal amount applied will be more than the interest, and thats when the payoff will come quickly. Keep going, even if youre over payments are sporadic. You can see that the $100 you pay now that is applied all to principal might be worth $1200 over the life of your mortgage. Here is a cool site: www.dinkytown.net they have over 200 financial calculators including mortgage calculators. You can enter a single payment made or a series of payments made and see how it affects your mortgage over the life of the loan.
3. In addition to putting lump sums as you have been doing, the best way is to increase your payments. Increase it annually and itll be paid before you know it. Good luck!
4. This has worked for me: Start eating without meat because it is super expensive. Eat dishes made with dry beans, rice and lots of spices. Avoid spending money on fresh fruits and vegetables because they are expensive too; instead, take a one a day comprehensive vitamin and mineral tablet. Fill up on potatoes because they are the cheapest commodity out there. Drink tap water only. No more new clothes purchases--only used from a local thrift shop. Sell your car and take mass transit. Then, you will not have to pay insurance, taxes, maintenance, fuel, etc. Leisure activities should all be of the free type: walking, going to the park, playing checkers, reading books from the library, etc. Terminate cable television--it is mind rot anyway. Terminate unread subscriptions. Tear up your credit cards. Get rid of your pets. Have your spouse and children start working at least part-time. Stop using air conditioning--thirty years ago only a few people used it. One shower every two days. No specialty beauty products. Turn your refrigerator off. You dont need it. Dry your laundry outside. No more concerts, sporting events, dining out, etc. Well, you get the idea. If you do these things, within ten years you will have amassed one million dollars or more. I guarantee it.
Source: http://bestwenty.com
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