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  • Sylvia Ho

Take Control of Your Finances With These Money-Saving Hacks

Money doesn't have to be a source of worry and stress for you. In fact, there are simple tricks you can use to make sure that your finances are always in order - mortgage hacks! These financial tips will help you better manage your money so that your bills and payments aren’t so overwhelming. By taking some steps towards organization like budgeting, and researching mortgage options, you'll be one step closer to getting on top of your finances!

Let's dig into how small mortgage hacks can save you time and money in the long run.

HACK#1: Why 25-year amortizations are bad!

To avoid losing flexibility and control, I recommend choosing 30-year amortizations over 25-year amortizations when possible. If your goal is to pay off your mortgage faster, explore other options such as biweekly payments, or accelerated payments for greater savings.The best way to gain control of your finances is to get the longest amortization available to you and make regular lump-sum payments - some lenders offer double the typical payment rate and up to 52 payments per year.

HACK#2: Why your car loan is KILLING your retirement!

Consolidating car loan payments into a mortgage could help reduce monthly payments and free up funds for retirement planning. With the average car payment being $500 per month, an average middle-class family ends up spending $1000 monthly on car loans. However, if you consolidate your loans, you could be looking at saving hundreds of dollars! It's money you could be putting towards your mortgage to pay it off sooner.

HACK#3: Did you buy before 2017 and in a variable rate?

If you purchased a house before August 2017 and it was worth less than $1 million, you may be eligible to double your discount and potentially save thousands of dollars per year. The is referref to as the B20 mortgage rule.

HACK#4: Why reverse mortgages are the best retirement tool!

I can't wait for my 55th birthday! You should also be excited about yours because you'll be applicable for a reverse mortgage. Now, you might be wondering why I'm so excited. Well, reverse mortgages are an underappreciated way to access equity in your home without taxes or income requirements, allowing for financial freedom in retirement. Parents can help their children get into the market by setting up an early inheritance plan that also allows them to save for retirement.

All it takes is one conversation to set yourself up for success! Let's connect today.

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