Lynn MA Real Estate | Paul Stonkus - EXIT ELITE REALTY


You might think those people who own houses saved up until it got to the right amount. Well, this might be possible, but it is difficult to achieve since the temptation to use the money and unforeseen expenses may arise. So how do most people acquire a house? In America today, the quickest path to homeownership is by a mortgage.

For clarity, a mortgage is a loan from a financial institution or lender that helps the borrower to buy a house. While taking a mortgage may seem like an excellent idea, like every debt, you would want to pay this mortgage off as promptly as possible. So if you are nursing the thought of a mortgage or you are finding it difficult to pay off your mortgage in this post, you will find tips you can use to take control of your money goals and pay off your house early. Here are six practical ways to get there faster:

Switch to Bi-Weekly Mortgage Payments

By dividing your monthly house payment in half and choosing to pay every two weeks, you can relieve yourself of financial stress in two ways. Firstly, this extends the cash flow demand required to pay your monthly bill and secondly, it will help slip an extra monthly-equivalent payment annually.

Refinance to a 15-year Mortgage

Another easy way to pay off your house in no time is to refinance your mortgage from the traditional 30-year mortgage to a 15-year term Doing this will offer you a lower interest rate as well as save you a significant amount of money in interest throughout your loan.

Pay extra each month

Adding $50 to your budget is not too much, but when you continuously add this amount or more to your mortgage payment, it can make a massive difference. Although it might look simple to do, it requires a lot of discipline and commitment.

Bring your lunch to work

Coming to work daily with a brown bag can do you more good other than filling your stomach. By packing a lunch instead of buying from restaurants, you save up a reasonable sum of money that you might put toward paying off your mortgage early.

Put your windfalls into your mortgage

Most taxpayers receive a tax refund each year. If you can utilize all or some of that money as a form of extra payment on your mortgage, you will make rapid progress in paying your house fast.

If you're looking to purchase a home and don't want a 30-year payment, consider these factors when determining how much house payment you can afford.



422 Walnut St, Lynn, MA 01905

West Lynn

Single-Family

$375,000
Price

5
Rooms
3
Beds
2/1
Full/Half Baths
This contemporary SF, built in 1990, has a roomy feel but needs TLC, or a potential flipping situation, to bring it back to it's former beauty.Sited back from convenient Walnut Street(ROW driveway behind an older colonial home with its own parking), this home backs up on a level/slightly sloping lot to a wooded area behind for privacy.A large main level deck,parking for 2 to 4cars including the attached 2car garage make this a home designed for an enjoyable and convenient lifestyle.Main entry opens into a cathedral-ceiling LR w/open stairway to the 2nd floor.The open concept kitchen and DR at the rear opens to a deck & doors to the garage and finished basement.Also on the main level is a full bath & 3rd BR.Upper level has 2 generous BRs. 2/ cathedral ceilings,balcony overlooking the LR, and a shared full bath between the 2 BRs.Finished family room with 1/2 bath has bulkhead yard access and utility room with newer furnace and laundry hookups.Large lot near Lynn Woods,schools,&highways.
Open House
No scheduled Open Houses

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