Is it possible to pay off your mortgage in 3 years, especially if you live in Waynesboro, VA or Staunton, VA?
Well, if Sean Cooper of Toronto, Canada can do it, why can't you? Oh, and did I mention he's only 30 years old?
Sean has excellent advice for homebuyers who aren't interested in paying a mortgage for 20 or 30 years. If that's you, listen to the sage advice he offers.
Well, if Sean Cooper of Toronto, Canada can do it, why can't you? Oh, and did I mention he's only 30 years old?
Sean has excellent advice for homebuyers who aren't interested in paying a mortgage for 20 or 30 years. If that's you, listen to the sage advice he offers.
4 Home Buying Tips For Would Be Homeowners
1. Just because you can afford it, should you buy it?
Don't make the mistake of buying too much house just because you can afford it. This is the chief way people become house rich and cash poor. Crunch the numbers BEFORE you buy, keeping in mind your expenses.
2. Put Money Aside for A Down Payment and Closing Costs
Too often homebuyers will save for a down payment but not for closing costs. You must have both to keep your mortgage payment as low as possible. What do closing costs entail?
- Home inspection fees
- Attorney fees
- Land transfer taxes
....to name just three closing cost expenses. These expenses can add up to as much as 4% of the purchase price of the home you want to buy. Cooper advises, " Unless you want to get on your hands and knees and beg the in-laws at the eleventh hour for money, I would definitely put some money aside."
3. If Renting Out Your Home, Heed This Always!
Renting out part of your home is an excellent way to help you supplement your mortgage payments. That's exactly what Cooper did. But the caveat?
If you're going to rent out your home, always, always, always, thoroughly screen your tenants.
It's easier to screen out poor tenants than it is to evict them once they are living in your home. Tenants have a lot of rights, so you want to get this step right the first time. Besides a credit check, phone their references. But go beyond the usual friend and current landlord reference. Speak to their employer and to past landlords.
Remember, the current landlord may not like the tenant and will say something nice just to get rid of them.
4. Stick With Your Goal
As with most people, for Sean Cooper, the hardest part of paying off his mortgage was keeping his motivation strong. While his friends were taking trips and having fun, he was saving and conserving.
So what kept him going? The goal of financial freedom. Staying focused on the BIG end result! Sean knew that each day he was one day closer to his dream of paying off his mortgage early. Having a "Why" was what kept him on track. Obviously, it paid off.
While there is no magic wand for paying off a debt early, there is always a plan. Preparation and sticking with your plan will allow you to achieve your goal on time or early!
If you live in Staunton or Waynesboro, VA and you're ready to close on your mortgage, give Lilly Title and Settlement a call. We'd be happy to help you with your title insurance and your closing.
As with most people, for Sean Cooper, the hardest part of paying off his mortgage was keeping his motivation strong. While his friends were taking trips and having fun, he was saving and conserving.
So what kept him going? The goal of financial freedom. Staying focused on the BIG end result! Sean knew that each day he was one day closer to his dream of paying off his mortgage early. Having a "Why" was what kept him on track. Obviously, it paid off.
While there is no magic wand for paying off a debt early, there is always a plan. Preparation and sticking with your plan will allow you to achieve your goal on time or early!
If you live in Staunton or Waynesboro, VA and you're ready to close on your mortgage, give Lilly Title and Settlement a call. We'd be happy to help you with your title insurance and your closing.
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