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While the estimated losses of first mortgages come in around $180 million, it is not the live-in homeowners that are causing the financial crisis in the market. It appears that the biggest losses actually originate from commercial real estate loans and investment property loan. Houses also “built on speculation” are also a part of the equation.

It seems that homeowners who live in the houses where they pay a mortgage are working hard and budgeting their monies to make the monthly mortgage payments. On the other hand, the same can not be said of those people who take risks by investing in properties and commercial real estate.

Paying a mortgage is for many a top priority in the order of debt. It may even be possible to pay a mortgage off early, especially in light of the fact that many people are learning better money management.

Here are some tips to help you keep up with your monthly mortgage obligation and even make the effort to pay it off earlier that expected.

Early is Good But Only if You Can

There is no point in adding extra money to your monthly payments on your mortgage each month if it is going to put you in the hole in other areas of your life. If there are times when you have a little flexibility, any extra money will go towards the principle which will help you to pay off your mortgage faster and reduce the amount of interest you have to pay back.

Prioritize Other Debt

While mortgages are a priority, other bills should be too – namely credit card debt. Interest rates on the cards will no doubt be much higher than the rates on your mortgage. Use extra cash to pay down credit card bills and don’t even think about adding extra to your mortgage until your credit card balances are eliminated. If you have a high amount of credit card debt, consider trying to Apply for credit card with a lower interest rate, sometimes a Small business credit card will have lower interest rates, so check those out too.

Consider Tax Implications

Mortgage holders get tax deductions for the interest they pay on mortgages. By paying off a mortgage early, you will no longer be able to use that deduction to your advantage.

Do the Math

There are plenty of online calculators to help you figure out the extra amount of money you can add to the mortgage payment each month if you set a specific goal for an early payoff.