Benefits Of Living Mortgage Free | Mortgage

by EddieLamb

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.

I don't believe all those naysayers who continue to sing the sad song of "you can't own a home and pay if off early"; you shouldn't either.

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.

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.

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.

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 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. To make your savings greater, just pay a little extra money anytime you have it. I can't imagine anyone missing such opportunity?

It doesn't matter if you are receiving very low wages; you can save an extra $10 to $25 each and every month by cutting down on other expenses. You can tell your lender that you want to increase your payments, if it's possible. Of course you can always go back to paying the old amount you were paying before.

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.

DISCLAIMER: This article is provided as information only and is not to be taken as financial advice.

Nelson B Mcinturff is a freelance writer for LiveMortgageFree.com where you can read about mortgage rates or mortgage free living.