Who says to live free of mortgage or to save on mortgage loans you must live in a converted school bus or a tent? Woefully, most people make this mistake thinking it's the only way to stay mortgage free.
The truth is this -- it's possible for anyone to still enjoy a home and pay the mortgage without pains.
If at this point you doubt the possibility of being able to pay off your mortgage early and still afford to keep up your present financial demands, fear not; it's indeed possible. Take it from me -- it's not as difficult to achieve as you might have been told.
As a homeowner who has already committed himself or herself with a mortgage, it's your duty to pay it off, whether you have the funds to spare for this or not. There's more to it than just bringing in thousands monthly to be able to pay off one's mortgage. To pay off your mortgage without tears will take the right care in planning, the right adjustment in your budget and the right determination.
Have you ever been told that you can pay off your mortgage within just 5 to 10 years? Are you thinking this is a joke?
None, all it will take is for you to sacrifice to achieve this.
Still in doubt as to how you can achieve this amazingly difficult feat?
Firstly, don't rush all out each year you receive your tax refunds to buy a car, boat or such crazy purchases. Instead, what you ought to do each time you receive your tax refunds is to put the money aside for repaying your mortgage loans. You can cut off tens of thousands of dollars and years from your debt on your mortgage by just paying extra $50 to $100 monthly.
For example, a smart move is to take a fishing trip that's closer to home rather than one that's far on the other side of the United States. Instead of spending so much money traveling to Hawaii each year for your anniversary, pick a place closer so that you can save the extra.
Any lady that truly desires to pay her mortgage early should give up pedicures and manicures and those expensive spa treatments each month; learn to do them yourself instead. For the guys that want to pay off their mortgage loans without tears, it's time to reduce your golfing to once a month, rather than the weekly golfing you were used to; this will enable you save hundreds of dollars that can go to paying off your mortgage in good time.
If you want to shave 6 years from your mortgage loan payment, then take the payment of extra hundreds of dollars seriously. To increase your savings, make it a habit to pay any little extra you have. Now, who can afford to miss such an opportunity?
Even if your wage is very low, it's still possible for you to save $10 to $25 monthly by discontinuing with the habit of spending money buying cigarettes, beer, lunch and other unnecessary expenses at Wal-Mart or Target. If you can afford extra payments on your mortgage, tell your lender to increase the monthly payments for you. You can revert to the old payment on your mortgage, if the new increase is taking it's toll on you.
When it comes to time for tax refunds, you should put that extra money into a separate account; this should be seen by you as money well spent. If you have a craze for entertainment, vacations and other such extra spending, open a separate account for these purposes. No, this isn't saying you should live the life of a monk because you want to be debt free; but it will help you to live moderately and not wastefully. Reduce the time and money spent on entertainment, not stop it completely. Instead of 4 times outing in a month, make it 1 outing in a month.
Those that are frugal in their living expenses can save the extra money each month that will add up to help them pay their mortgage loans. Just go ahead and do the math with a calculator to see. Is there anyone that would say they don't want the opportunity of saving tens or hundreds of thousands of dollars during the course of their mortgage?
Far from it -- selling your life is not what will enable you to own a home. You can pay off your entire mortgage loan within 5 to 10 years if you consistently follow a budget and take charge of your spending habits. - 29971
The truth is this -- it's possible for anyone to still enjoy a home and pay the mortgage without pains.
If at this point you doubt the possibility of being able to pay off your mortgage early and still afford to keep up your present financial demands, fear not; it's indeed possible. Take it from me -- it's not as difficult to achieve as you might have been told.
As a homeowner who has already committed himself or herself with a mortgage, it's your duty to pay it off, whether you have the funds to spare for this or not. There's more to it than just bringing in thousands monthly to be able to pay off one's mortgage. To pay off your mortgage without tears will take the right care in planning, the right adjustment in your budget and the right determination.
Have you ever been told that you can pay off your mortgage within just 5 to 10 years? Are you thinking this is a joke?
None, all it will take is for you to sacrifice to achieve this.
Still in doubt as to how you can achieve this amazingly difficult feat?
Firstly, don't rush all out each year you receive your tax refunds to buy a car, boat or such crazy purchases. Instead, what you ought to do each time you receive your tax refunds is to put the money aside for repaying your mortgage loans. You can cut off tens of thousands of dollars and years from your debt on your mortgage by just paying extra $50 to $100 monthly.
For example, a smart move is to take a fishing trip that's closer to home rather than one that's far on the other side of the United States. Instead of spending so much money traveling to Hawaii each year for your anniversary, pick a place closer so that you can save the extra.
Any lady that truly desires to pay her mortgage early should give up pedicures and manicures and those expensive spa treatments each month; learn to do them yourself instead. For the guys that want to pay off their mortgage loans without tears, it's time to reduce your golfing to once a month, rather than the weekly golfing you were used to; this will enable you save hundreds of dollars that can go to paying off your mortgage in good time.
If you want to shave 6 years from your mortgage loan payment, then take the payment of extra hundreds of dollars seriously. To increase your savings, make it a habit to pay any little extra you have. Now, who can afford to miss such an opportunity?
Even if your wage is very low, it's still possible for you to save $10 to $25 monthly by discontinuing with the habit of spending money buying cigarettes, beer, lunch and other unnecessary expenses at Wal-Mart or Target. If you can afford extra payments on your mortgage, tell your lender to increase the monthly payments for you. You can revert to the old payment on your mortgage, if the new increase is taking it's toll on you.
When it comes to time for tax refunds, you should put that extra money into a separate account; this should be seen by you as money well spent. If you have a craze for entertainment, vacations and other such extra spending, open a separate account for these purposes. No, this isn't saying you should live the life of a monk because you want to be debt free; but it will help you to live moderately and not wastefully. Reduce the time and money spent on entertainment, not stop it completely. Instead of 4 times outing in a month, make it 1 outing in a month.
Those that are frugal in their living expenses can save the extra money each month that will add up to help them pay their mortgage loans. Just go ahead and do the math with a calculator to see. Is there anyone that would say they don't want the opportunity of saving tens or hundreds of thousands of dollars during the course of their mortgage?
Far from it -- selling your life is not what will enable you to own a home. You can pay off your entire mortgage loan within 5 to 10 years if you consistently follow a budget and take charge of your spending habits. - 29971
About the Author:
Nelson B Mcinturff is a freelance writer for LiveMortgageFree.com where you can find out about living mortgage free as well as mortgage free living.
