When you're setting up a mortgage to allow you to buy a home, it's important to opt for an open mortgage. Among other benefits, this type of mortgage will allow you to put a lump sum of money toward it one or more times per year as a way of paying down what you owe. While you might initially think that you'd never end up with a big chunk of money that could make a difference in your mortgage, especially if you find that your finances are continuously tight, it's time to think again. Here are some times that you may end up with a lump sum that you could put directly onto your open mortgage to save you money in the months and years ahead.

Inheritance

When someone close to you passes away, you may be surprised to receive an inheritance. When many people think about getting an inheritance, their minds dream of life-changing money from a rich family member. The reality is that you might not get an enormous inheritance, but you may get a chunk of money that comes as a surprise. Unless you're really struggling with your bills and could use the money to pay some immediate debts, think about putting this amount toward your mortgage. An inheritance of even $5,000 or $10,000, for example, can make a big difference when applied to your mortgage.

Work Bonus

Depending on your line of work, you may earn a sizable bonus around the holidays or even at a different time of year if you hit certain goals. While you may be tempted to use this money for a trip or a spontaneous purchase, you won't regret taking the entire amount to your mortgage provider and having it put onto the mortgage. If you really want to spend the money recklessly, commit to doing so next year if you get a bonus — this will serve as an extra incentive to work hard for the next 12 months.

Tax Return

It's frustrating to owe the government more money at tax time, but it's always a pleasant surprise to find out that you'll be getting some money back. This is an ideal time to put whatever you get back from the government directly onto your mortgage. If the money was unexpected, you won't miss it — but you'll eventually appreciate just how much it will save you over the life of your mortgage.

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