If You Want To Live Mortgage Free And Have All But Given Up... Here's Hope! | Mortgage

If You Want To Live Mortgage Free And Have All But Given Up... Here's Hope!

by EddieLamb

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. Regrettably, this is the mistake many make in an attempt to prevent paying mortgage.

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.

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.

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.

Did you know that there are many who have paid off their mortgage in just 5 years? Wondering if there's a catch here?

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.

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.

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.

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 find out about mortgage calculator as well as mortgage lenders.