{"id":7412,"date":"2025-04-09T15:13:57","date_gmt":"2025-04-09T20:13:57","guid":{"rendered":"https:\/\/tomo.com\/blog\/?p=7412"},"modified":"2025-09-04T09:13:26","modified_gmt":"2025-09-04T14:13:26","slug":"ways-to-earn-extra-income","status":"publish","type":"post","link":"https:\/\/tomo.com\/blog\/ways-to-earn-extra-income\/","title":{"rendered":"Ways to Earn Extra Income"},"content":{"rendered":"\n<p>If you\u2019re saving for a home, every extra dollar matters. But \u201cextra income\u201d doesn\u2019t have to mean picking up another job \u2014 it can also come from smarter financial moves that free up cash and strengthen your mortgage application. And remember: one of the most powerful ways to \u201cearn\u201d money isn\u2019t a side hustle at all \u2014 it&#8217;s <a href=\"https:\/\/tomo.com\/mortgage\/interest-rates-today?utm_source=tomo_blog&amp;utm_campaign=debtroundup\" title=\"make sure you\u2019re getting the lowest rate possible.\"><strong>making sure you\u2019re getting the lowest rate possible<\/strong>.<\/a> Even what might seem like small savings on your rate can save more than months of extra work.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Pay Off a Small Debt<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>Wiping out even a $500 <a href=\"https:\/\/tomo.com\/blog\/what-homebuyers-need-to-know-about-credit-cards\/\" title=\"credit card balance\">credit card balance<\/a> can improve your <a href=\"https:\/\/tomo.com\/blog\/what-is-debt-to-income-dti-in-mortgage\/\" title=\"debt-to-income ratio\">debt-to-income ratio<\/a>, which may qualify you for a larger loan or a better <a href=\"https:\/\/tomo.com\/mortgage\/rates\" title=\"rate\">rate<\/a>. That\u2019s more buying power without having to earn another paycheck.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Consider Creative Buying Options<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>Extra income doesn\u2019t always come from a side hustle \u2014 sometimes it\u2019s built into the way you buy.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>House hacking:<\/strong> Buy a duplex or a home with a finished basement, rent out the extra unit or room, and put that income toward your mortgage.<\/li>\n\n\n\n<li><strong>Multigenerational living:<\/strong> Sharing costs with family members can lower your monthly payment and free up cash for savings.<\/li>\n\n\n\n<li><strong>Accessory dwelling units (ADUs):<\/strong> If your market allows it, a small rental unit on your property can provide steady income that helps offset housing costs.<\/li>\n<\/ul>\n\n\n\n<p>These options aren\u2019t for everyone, but for buyers open to them, they can make homeownership more affordable from day one.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Look Into Employer Benefits<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>Many buyers overlook what\u2019s available at work. Some companies provide:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Homebuyer grants or assistance<\/li>\n\n\n\n<li>Reduced closing costs through lender partnerships<\/li>\n\n\n\n<li>Relocation stipends that can be redirected toward housing<\/li>\n<\/ul>\n\n\n\n<p>A quick email to HR could reveal thousands in support that feels like a hidden raise.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Explore State and Local Assistance<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>Beyond your paycheck, state and city programs often provide grants or forgivable loans for first-time buyers. In some markets, these cover 3\u20135% of the loan amount \u2014 effectively the same as earning thousands in extra income.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>The \u201cHidden Income\u201d in Your Mortgage Rate<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>Here\u2019s the part most buyers miss: the biggest boost to your monthly cash flow doesn\u2019t come from a side hustle at all \u2014 it comes from your mortgage rate.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A <strong>0.25% lower rate<\/strong> on a $350,000 loan cuts your payment by about <strong>$75\/month<\/strong>.<\/li>\n\n\n\n<li>That\u2019s equal to an extra <strong>$900 a year<\/strong> \u2014 more than many side hustles bring in.<\/li>\n\n\n\n<li>Over the life of the loan, it can save <strong>tens of thousands of dollars<\/strong>.<\/li>\n<\/ul>\n\n\n\n<p>With <a href=\"https:\/\/tomo.com\/blog\/tomo-mortgage-rates-monitor\/\" title=\"rates fluctuating in 2025\">rates fluctuating in 2025<\/a>, comparing multiple lenders is one of the simplest ways to \u201cearn\u201d more income without adding another job to your plate.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>The Takeaway<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>In today\u2019s market, extra income can come from creative moves like renting unused space, tapping employer perks, or qualifying for local programs. But the most powerful strategy is making sure you\u2019re getting the lowest mortgage rate possible. That single step can outpace months of side hustles \u2014 and the savings show up automatically in your monthly payment.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019re saving for a home, every extra dollar matters. But \u201cextra income\u201d doesn\u2019t have to mean picking up another job \u2014 it can also come from smarter financial moves that free up cash and strengthen your mortgage application. And remember: one of the most powerful ways to \u201cearn\u201d money isn\u2019t a side hustle at [&hellip;]<\/p>\n","protected":false},"author":31,"featured_media":7642,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[299,300,297],"class_list":["post-7412","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-buying-your-first-home","tag-debt-roundup","tag-money-saving-tips"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/tomo.com\/blog\/wp-content\/uploads\/2025\/04\/u6751982626_earn_extra_income_-chaos_5_-ar_43_-profile_c3r_994bde54-07c1-4787-9cb5-9d774ed739bb_2.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/7412","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/users\/31"}],"replies":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/comments?post=7412"}],"version-history":[{"count":4,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/7412\/revisions"}],"predecessor-version":[{"id":7533,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/7412\/revisions\/7533"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/media\/7642"}],"wp:attachment":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/media?parent=7412"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/categories?post=7412"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/tags?post=7412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}