People who feel they can’t live mortgage free or save on their mortgage loans unless they go homeless have got it all wrong. Alas, many people erroneously think this is the wise step to take to avoid mortgage loans.
The truth is this — it’s possible for anyone to still enjoy a home and pay the mortgage without pains.
The question I get asked by most people at this juncture is — I believe it’s possible, but how do I do this and still have money for my everyday needs and a little bit of fun? You won’t believe how easy it is to achieve this seemingly impossible undertaking.
Settling ones mortgage loans early enough should be everyone’s top priority, regardless whether the funds to spare for this are available or not. If you think all it takes to achieve this difficult task is just to put in thousands of dollars monthly, you got it all wrong. The fact is this — anyone who has the determination, care in planning and makes budget adjustment will be able to pay off their mortgage debt in good time.
Believe it or not; it’s indeed possible to pay off your home mortgage within 5 to 10 years. You think there’s some kind of catch involved?
Absolutely not; it can be done without selling your blood; just have the will to sacrifice and you can be mortgage debt free faster than you ever thought possible.
Are you still in doubt as to precisely how this is possible?
Many make the mistake of spending their tax refunds each year on irrelevant expenses; don’t be like them. The wise thing that should be done instead is to save the money to put in repaying your mortgage loans. You can cut off tens of thousands of dollars in years from your debt on your mortgage by just paying extra $50 to $100 monthly.
Wiser folks would prefer to take a fishing trip that’s closer home than to take one that’s very far away from their homes. It doesn’t make sense to continue spending money traveling very far for your anniversary celebrations when you can have it closer and save the extras.
Ladies shouldn’t continue to spend so much money on pedicures and manicures and those expensive monthly spa treatments; they should do these themselves instead, and save the extra money. For golf loving guys out there, I hate to say this but if you reduce your golfing to once a month instead of weekly, this will help you save some extras for putting aside to paying off your mortgage.
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.
Why use up all your tax refund money when you can put it aside each time and use it as payment for your mortgage? Commence a different account for the purpose of vacations, entertainment or any such extras and save money from eating out, wasteful expenses, etc. This doesn’t mean you should start living the life of a monk; what it means instead is to learn to start living a moderate life and not a wasteful life. Trim the edges of entertainment a little, not stop it completely. Reduce your weekly outing to once a month.
It’s as simple as learning to be moderate in your living expenses, then save the extra for paying your mortgage loans. Just go ahead and do the math with a calculator to see. As far as I’m concerned, almost everyone will admit that they will like to save tens or even hundreds of thousands of dollars during the time of their mortgage.
I don’t agree that one must sell his/her life to own a home. Of course anyone can pay their mortgage in as little as 5 to 10 years if they applied the required budget and discipline to pay a little extra each month.
Nelson B Mcinturff is a freelance writer for LiveMortgageFree.com where you can read about mortgage quote and reverse mortgage.
