When Two Thirds of Mortgages Aren't Paid Off, How Can You Pay Off Yours?

According to a recent article on FiveThirtyEight, only one in three home owners have their mortgage paid off. This means that two-thirds of those home owners are still having to pay their’s off. 

Perhaps you’re one of them. As you likely know, not having a mortgage payment has a number of advantages. If you’d like to pay off your mortgage but don’t know how to do it, here are four ideas to get your mortgage payoff started.

1. Refinance

If the interest rate on your mortgage is really high think about refinancing it to get a lower rate. The less you have to pay in interest translates into a mortgage that you can pay off faster. 

For example, if your current monthly payment is $2,376 with an interest rate of 7%, you could save over $1,100 per month if you refinanced your mortgage down to 4%. To find the best rates for refinancing take a look at local banks. like Premium Mortgage Corp, or see if you qualify for membership at your local credit union.

2. Rent It Out

Thirty-two percent of homes with mortgages are occupied by renters, according to the FiveThirtyEight. For someone wanting to pay down a mortgage on a second home renting is a good way to go. 

If you currently have a rental property think about raising the rent slightly. Once you do put that extra money toward the principle of your mortgage. It’ll get paid down faster that way.



If you don’t have a rental property, this plan can still work for you. Rent out any extra rooms you have in your home to make some extra cash to put toward your mortgage.

3. Get a Second Income

Some homeowners apply the debt snowball principle to their mortgage debt. This principle was made famous by financial guru Dave Ramsey in his book “The Total Money Makeover.” 

The debt snowball is a plan that asks people to put any extra money that they make toward their debt. To do this, Ramsey suggests that people get a second job.

Granted, working that much can make you feel burned out. In light of this, you’ll want to keep this in mind. Only work a second job for a predetermined amount of time. 

Once the time is up, go ahead and re-evaluate your ability to work the second job. If you can do it continue working. If you can’t take a break and then pick up another job at a later time.

4. Sell It and Resettle

Depending on where you’re at in your life, you may want to think about selling your home and moving to a cheaper area. This allows you to live in a home with a smaller mortgage. The money you make from the sale of your home can go toward the new home. 

This plan works very well for people who of retirement age or who are just starting out after graduating from school. Ideally, you’ll have enough equity in your home to pay off your new home completely or at least pay down your mortgage significantly when you buy it.

Getting out from under your mortgage would be a huge financial milestone for you. Having that extra money freed up gives you a lot of spending power. If you’re serious about paying off your mortgage, applying any (and all) of these steps will help you achieve that goal.

4 Strategies For Planning Your Family Finances This Summer

Summertime brings new challenges to stretching your family's budget. Expenses like buying groceries, paying for air conditioning costs, and saving cash to take a vacation can take a negative toll on your household's bottom line. 

Rather than barely get by, you can enjoy your summer break by using these four smart and simple strategies to plan your family's finances.

Cut The Cord

Cable TV subscriptions continue to become more expensive. Many families find themselves paying $100 or more each month for a bunch of channels that they do not watch.

Instead of shelling out big bucks for cable, you can safeguard your family's budget by cutting the proverbial cord. Cutting the cord has become an agenda embraced by many households that want to plan their finances better and save big money.

A recent study published by CNBC showed that 52 percent of respondents said that they canceled their cable TV services in favor of streaming services like Netflix and Hulu. 

By subscribing to online TV and movie streaming services rather than cable TV, you can keep cash in your budget and have more money with which to support your family this summer.

Take Advantage Of Travel And Vacation Specials

Your summertime vacation does not have to break your budget. When you have a limited amount of money to work with, you can still plan a trip that you and your family will enjoy by taking advantage of travel and vacation specials.


Oftentimes attractions near hotels will offer special or birthday party packages, like these kids birthday parties in Las Vegas.

Shop Discount And Dollar Stores

Dollar and discount stores are becoming more popular with American families. These stores have long shed their dubious reputations and have now stepped into mainstream awareness where they compete with big name retailers like Walmart and Target.

Dollar and discount shops offer clothing, groceries, and a wide array of household products for rock bottom prices. The quality of the inventory is on par with what you would find at department and big box stores. 

Some of these shops also take manufacturers' coupons, allowing you to get name brand necessities like laundry soap, shampoo, bread, and a host of other everyday items for pennies.

When you struggle to stretch your grocery dollars during the summertime, you may head to your local discount and dollar stores to check out their selections. You may find that you can get double the groceries for half the cost by shopping these stores instead of big name retailers.

Be Energy Efficient

Finally, you can lower your cooling costs and keep your home comfortable during the hottest of weather this season by using some common sense energy efficiency strategies. 

Simple measures like running your washer and dryer after the sun sets or keeping your window blinds and curtains closed can go a long way toward trimming dollars off your utility bills.

Likewise, you can keep the temperature on your AC steady by using an oscillating fan to circulate air in your home. These basic tips help you keep your house cool and your bills lower during a season in which many families struggle to pay their utility costs.

Summertime can be a season of increased expenses for which you might find yourself unprepared. Rather than run out of money before you get paid each week or month, you can better plan your family's finances with these four simple strategies. 

These tips help you enjoy your summer without the money worries you may normally experience each year.

Identity Risk: How to Keep Your Social Security Number Safe from Frauds

With all of the technology that is used today and the entering of credit and debit card information or social security card information on an almost daily basis, it can be easy for someone to steal your social security information. 

This means that someone out there could purchase items online, get a loan or get any other financial benefit on your behalf without you knowing. Fortunately, there are a few ways that you can protect your card number so that you are safe from frauds that might occur.

Use a Different Number

Ask the merchant or business if you can use a different number than your social security number. Most businesses will offer this option, especially if you are entering information online. 

You could use your driver's license number or the identification from your passport instead of your social security number as a way to keep the information secure.

Monitor Services

When you use a transcription service from an attorney or another business, such as Caliber Litigation Services, that offers similar documents that you need to obtain, you need to look over the information that is used to ensure the service is legal. 

Most attorneys won't share your information, but you still need to look over the confirmation that you receive. You can view orders that have been placed and the information that you have entered to ensure that the numbers are correct.

Keep the Card At Home

There are few occasions when you're going to need the physical social security card when you complete an application or give someone personal information. 

Offering the number is usually sufficient as the company can perform a background check to see if the information matches the other details that you provide. Keep the card in a secure location at home where only you know to look. 

An option is to have a lock box with a combination that only you know. It's a good way to store all kinds of personal paperwork to prevent others from taking your information.

Never Send the Number in a Message

If someone wants you to send your social security number in a private message and doesn't offer any kind of security feature to keep that number from being viewed by anyone else, then find an alternative. 

Call businesses with your information. Visit the company to write down your number. Don't reveal your number on social media through a message or through an email as these options are usually not secure.

Your social security number is a link to who you are and what you can purchase. If the number is stolen, then it could result in a large amount of debt and other issues that you don't expect. If you protect your number, then you likely won't have any issues.

Avoiding the Middle Age Car Buying Impulse

We've all seen it on countless TV shows and movies. The main character, a middle-aged man, experiences great distress at the thought of getting older so he acts out by buying a flashy sports car or dating a woman much too young for him. 

Approaching middle age doesn't have to be that way and it's much more economical to rent that flashy sports car for a fun weekend getaway with your adoring wife of 30+ years. You can count on her, always. 

Car Buying Impulse

A fast car really won't make you happy. In fact, as you focus on the future, and eventually enjoying retirement, that big ticket splurge will hurt your bottom line. 

The Chevrolet Corvette is probably one of the most common cars that scream midlife crisis. According to Cars.com, a new Corvette will set you back almost $100,000. 

That could represent more than a year of your retirement, relaxation and well-deserved respite.

If you step back for a minute and consider the emotions that swirl around as you approach middle age, the realization that you probably have more life behind you than ahead of you, and that maybe you're running out of time to do everything you wanted to, it's probably tough to see the forest for the trees. 

Avoid the Midlife Crisis Car Buying Impulse

Sure, a new Corvette in your driveway will deliver a surge of immediate excitement, would be pretty fun to drive and will win you the love and affection of many a lady likely incapable of true love and affection.

Avoid the midlife crisis car buying impulse all together. It's not money well spent. The transaction will fly in the face of your hard work and savings efforts for decades. 

With one check you'll sign away more than a year of your future financial life for a fleeting, superficial experience. Your life is really just beginning. You'll see.