Last Updated on October 5, 2022
Everyone has a dream of owning their home, and as an avid traveler, you’ve probably wondered how you can be a homeowner and still afford to travel.
As a homeowner, you’ve probably given up on the dream of traveling and seeing the world because you have a responsibility to pay your mortgage, and you don’t know how you can travel and keep up with your responsibility.
It is possible to achieve that dream of being both a traveler and a homeowner. If you are interested, here’s how you can afford to travel, even with a mortgage.
Work Out A Budget And Create A Travel Saving
The next tip is to take stock of your finances. Get a budget that will help you know how much you need to cover your home loan repayments and cost of living, and see if you can put part of the extra into separate savings designated for travel.
In the long run, it might take time before you have enough funds to achieve your travel goals. But this helps you stay on top of your finances and leaves you debt-free.
Make sure to properly account for all your expenses so your efforts will not be wasted.
Also, save up enough to cover your mortgage while traveling. Since you intend to relax on your trip, travel with the assurance that your mortgage will be covered while you are away.
Find The Cheapest Flights
Airfare tends to be the most expensive part of the trip, and when you consider the flight and keeping up with your mortgage, you just sit back and forget about traveling. You can find air flights at cheap and affordable rates, you just need to know how to look.
You need to be flexible with your travel dates and times. If you fly when everyone is flying, your ticket will cost more. The best way is to fly off-season. For example, if you want to go to Paris, go in the spring or fall.
It’s also cheaper to fly during the week, most people go during the weekend, and airlines are aware of this and hike their prices up then. Prices are cheaper when you fly after or on a major holiday. Early morning and late-night flights are always cheaper.
Get The Best Mortgage Rates
Generally, getting the best mortgage deals involves a lot of planning.
Before you are ready to apply, you need to use a mortgage calculator. This helps check what your monthly payments might be based on your information. To find one, you can check out SoFi home loans.
Lenders often offer different types of mortgage rates; it all depends on your credit score, employment history, and debt-to-income ratio. You need a good debt-to-income ratio and an even better credit score to get the best mortgage rates.
A good amount for your initial down payment gets you a good mortgage rate. The more you can put down, the lower your mortgage payment and the less you pay on interest over time.
Get Travel Insurance
Imagine traveling, and some unforeseen tragedy strikes. You may have to touch the money set aside for your mortgage to cover the said tragedy. Travel insurance covers the cost and losses associated with traveling. It protects you whether you’re traveling domestically or abroad.
Travel insurance mainly covers trip cancellation or interruption coverage, baggage and personal effects coverage, medical coverage, and accidental death or flight accident coverage.
The coverage mostly includes 24/7 emergency services, like replacing lost passports, cash wire assistance, and rebooking canceled flights.
Travel insurance helps you afford to travel with the knowledge that you and your luggage are well protected and you don’t have to go above your budget.