Quicken Loans is having an awesome Sweepstakes going on right now. If you win, they’ll pay your mortgage payments for an entire year.
How could I not share this? I would love to win this sweepstakes. Imagine the possibilities…
For us, it would save us $999.39 per month x 12 months = $11,992.68. That’s a lot of money that we could use.
If I actually won, I think I would use the money we wouldn’t be paying on our mortgage to get a second car since I’m going nuts being trapped at home in a small town. Really, it’s worse than before…at least I used to have the option of using public transportation. Then I would probably throw a lot of it into savings.
Another good idea—if you’re working on paying off your mortgage early would be to continue your payments as normal and just have it applied to your principal. Definitely a nice way to get ahead.
What would you do with your extra money every month if you won the sweepstakes?
Imagine… An Entire Year With No Mortgage Payment…
The Quicken Loans Skip-A-Year Mortgage Sweepstakes | An infographic by the team at Quicken Loans Racing
Small vacation and then pay ahead on the mortgage principal. For sure. Pay that sucker off a year early!
TB at BlueCollarWorkman recently posted..What Do You Do When You Smell Marijuana?
Oooh, I want a vacation too.
Jen Perkins recently posted..Schools Letting Kids Spend Parent’s Money Without Permission
Ditto to TB, though note that it’s more than a year early– each payment to principal lowers your overall interest too.
That’s right and the sooner the better.
Jen Perkins recently posted..Getting Back into the Swing of Things
I’d like to think that I’d keep paying my normal payment and get the house paid off sooner, but in reality, I bet we’d take a big trip. How the heck to you enter?
Kim recently posted..Rental Property Series: Let’s Drink to Having Tenants
A big trip would be nice…I’d love to go to Europe. The giveaway is actually over now, I think I found it late.
Jen Perkins recently posted..Schools Letting Kids Spend Parent’s Money Without Permission
Geez! This is awesome! I’m with everyone else on the mini vacay and paying it off a bit early. When I say mini I mean we’d go all out….obviously. But the way we go all out I bet we’d still have some $ left over. :p
femmefrugality recently posted..Quality vs. Price: St. Brigid’s Necklace Review
haha I think we all need vacations. 😉
Jen Perkins recently posted..Getting Back into the Swing of Things
I’d do what most others have said, still continue making payments, though I would probably invest some of the savings too. Of course, I’d have to set some aside for taxes, because the tax man will surely be charging tax on the “winnings”.
Jon @ MoneySmartGuides recently posted..5 Investing Lessons To Live By
Oh crap, I forgot about taxes.
Jen Perkins recently posted..Bloggers Using BackUpWordPress Plugin Beware!
That is a toss up. I like the idea of applying our own payments to the principal, but it would also be pretty nice to at least apply a good six months to our own savings. We are still working on building a good emergency savings total.
Kelly Blackwell recently posted..Thrifty Tips for November 1, 2012
That could definitely help out with your emergency fund.
Jen Perkins recently posted..Net Worth Update~ November 2012
If I were to win I’d probably pay the mortgage up and every debt I have for me to save after. I want to be debt-free! We don’t know our economy so it’s nice to have a back up money in times of need.
Polly recently posted..What is an Order to Docket?
Back-up money is always a good thing, especially when so much uncertainty lingers around us all.
Jen Perkins recently posted..Schools Letting Kids Spend Parent’s Money Without Permission