How To Pay Off Your Mortgage Faster

Paying OffThe following article is a guest post.

Once you’ve moved into your dream home and the initial excitement has worn off, the time has come to consider your monthly mortgage. One way to cope with the problem is saving money on everyday expenses by using Discountrue coupons for Kohl’s or other popular stores. However, it’s not the only thing you need to know, so if you want to get done with it as soon as possible, you’ll need to learn more about other methods of doing so and combine the efforts.

Fortunately, there are numerous ways to pay your mortgage off faster, so be sure to read on and learn more about how to eliminate this expense from your monthly responsibilities as quickly as you can!

1. Pay 1/12th Extra Each Month

This is one of the simplest methods for paying off a mortgage more quickly. All you need to do is take your principal and interest from each month, divide that number by 12 and add it to your monthly payment. As a result, you will be making 13 payments each year, instead of 12, and the financial sacrifice is minimal.

Before applying this method, contact the company that is servicing your mortgage and make sure that these payments are being applied to the loan balance in the proper manner.

2. Refinancing

If you’d like to switch to a mortgage with a shorter term, refinancing is a viable option. For many homeowners, the prospect of spending 30 years paying off a mortgage is too much to bear and switching to a 15 year mortgage term is far more palatable over the long haul.

A 15 year mortgage typically comes with a much lower interest rate than a 30 year term, but be forewarned – you will need to qualify first. A credit check and a home appraisal are necessary aspects of the process.

3. Make One Extra Payment Each Year

There are two different ways to go about this task. Homeowners can either save their money throughout the year and make two payments instead of one at the end. On the other hand, those who are paid on a biweekly basis have the ability to set aside a piece of those “extra” checks that arrive during certain months. Making 13 payments every year will slice a significant amount of time off your schedule, allowing you to own your home outright much sooner.

4. Put “Found Money” Towards Your Mortgage

We have an alarming tendency to take found money and blow it on items that do not enrich our lives in any meaningful way. But when you get a bonus at your job, a hefty tax return or any other unexpected windfall, your best bet is to put it towards your mortgage.

This method gives you the chance to pay extra only when you’re flush with additional funds and cut down on your interest by lowering the principal. However, it is important to make sure that you are not neglecting any other pertinent needs before embracing this strategy.

The Impact of the Brexit on the Forex Industry

Piggy bank
The following article is a guest post.
The Brexit has had a huge impact on many different industries and the full reverberations of Britain’s decision to leave the EU are still yet to be felt. The forex industry is one which is particularly important to the Brexit, with the value of currency being intrinsic to its trading success. The full impact of the Brexit on the forex industry will come to light over the coming years, but here is what we know about its immediate effects so far:

The Value of the Pound
The value of the pound plummeted to its lowest value since 1985 on the 24th June, the day after the EU referendum, causing a market meltdown. The FTSE index 100 fell by 8% causing panic and gradually since the market has begun to increase with the value of the pound creeping back up slowly back to what it was earlier this year. It’s hard to say what is going to happen next, as no one can predict what changes are going to happen in the market but by keeping on top of economic events across the globe with an economic calendar, this should give some warning of events which could cause things to change.

Gold and Precious Metals
The value of sterling falling means that investors with stocks and shares can start to panic about their investments. One of the positives of this for the forex industry is that gold and precious metals tend to hold their value better in times of uncertainty, making them a much safer and more attractive investment for the future. Investors are looking to spread their investments to guarantee more financial security by investing in a combination of different assets.

The Future
Uncertainty means that Brexit-related developments could still impact on forex, especially companies based in the UK or the EU. With a lot of the legislation that dictates rules and regulations for the forex market being derived from the EU, its likely there is soon to be some changes made by government officials in the UK but so far nothing has been confirmed.

It’s unclear to what extent exactly the Brexit is going to have on the forex market but it looks set to be shaken up. With British politics fairly unstable at the moment and a period of change set to come, there’s no way to predict what the full impact of the Brexit will be just yet.