It S Indeed Possible To Pay Off Your Home Mortgage Within 5 To 10 Years

Category: Finance, Mortgages.

Of course it s not compulsory to live in a tent or some converted school bus to be able to save on mortgage loans or to be able to live free of mortgage. But it s not as difficult as everyone thinks it is to pay off one s mortgage in good time.

Regrettably, this is the mistake many make in an attempt to prevent paying mortgage. 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. Take it from me- - it s not as difficult to achieve as you might have been told. It s indeed possible. Settling ones mortgage loans early enough should be everyone s top priority, regardless whether the funds to spare for this are available or not. 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.

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. Believe it or not. You think there s some kind of catch involved? It s indeed possible to pay off your home mortgage within 5 to 10 years. None, all it will take is for you to sacrifice to achieve this. Many make the mistake of spending their tax refunds each year on irrelevant expenses. Still in doubt as to how you can achieve this amazingly difficult feat?

Don t be like them. 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. The wise thing that should be done instead is to save the money to put in repaying your mortgage loans. 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. Ladies shouldn t continue to spend so much money on pedicures and manicures and those expensive monthly spa treatments. 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.

They should do these themselves instead, and save the extra money. If you desire to shave off 6 whopping years from your mortgage payment years, get into the habit of paying hundreds of dollars extra all the time. 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. To make your savings greater, just pay a little extra money anytime you have it. Don t tell me your income is too low because it shouldn t stop you from saving extra$ 10 to$ 25 monthly from the amount you spend on beer, lunch or other, cigarette irrelevant expenses at Wal- Mart or Target. I can t imagine anyone missing such opportunity? If you want to be mortgage debt free faster, talk to your lender to increase your payments.

When it comes to time for tax refunds, you should put that extra money into a separate account. It s possible to return to the amount you were previously paying, if you get stuck with paying this new increase. This should be seen by you as money well spent. No, this isn t saying you should live the life of a monk because you want to be debt free. If you have a craze for entertainment, vacations and other such extra spending, open a separate account for these purposes. But it will help you to live moderately and not wastefully. Instead of 4 times outing in a month, make it 1 outing in a month.

Reduce the time and money spent on entertainment, not stop it completely. It s advisable to live in moderation so that you can have the extra money to put in for your mortgage loans. Tell me the person that won t want to save tens or even hundreds of dollars during the course of their mortgage? Just do the math now to find this out. 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.