If you’re a travel nurse who is worried about paying off his or her mortgage while away, there are some tips that can help. It can be stressful to think about paying off a mortgage while also living in another area in the U.S.
With these simple tips, you can have your mortgage paid off quicker and with more ease, even while on assignment.
1. Up that minimum
If you can afford to, try sending more of the mortgage per month. Perhaps try and pay twice throughout the month, and if you can’t afford to send two times the amount of your monthly mortgage, maybe try sending the mortgage plus an additional half of the next month’s mortgage. For example, if you have an $800 mortgage, try sending not $1600, but rather $1200, which is the combined total of $800 (one month’s mortgage) and $400 (half a month’s mortgage). You’ll pay off your mortgage quicker!
The only downside to this method is that it can take a lot of discipline. Instead of spending money on something else, you can cut back and have it go to your mortgage.
2. Try switching from a 30-year to a 15-year mortgage
If you’re anxious to have your mortgage paid off, you can try switching your mortgage to a 15-year one. This allows you to send more money monthly and pay off the loan faster, which can relieve some of the financial stress you may be feeling.
3. Use extra earnings to pay off the mortgage
Did you clean a friend’s house for some side cash? Did you maybe sell some of your belongings? This “extra” money you make that is outside of your regular travel nurse assignment earnings can be sent to help pay off the mortgage. It might not seem like a whole lot of extra money you’re sending, but in the long run, you’ll see how that extra cash shortened the time you spent paying on your home.
Looking for your next travel nurse job?
If you’re wondering how to find a travel nurse job, it’s a snap when you work with a travel RN recruiter like MedPro Healthcare Staffing. The experts at MedPro will help you find placements in the best cities for travel nurses. And because we want each assignment to be your best yet, we offer the MedPro Experience program—a personalized employee experience program that embraces and celebrates you! To learn more and begin your travel nurse career, contact us today at 1-800-866-8108, or apply here.