So You Want to
Live Mortgage Free
Most homeowners sign that
home mortgage contract thinking that it will have hold on them
for decades, but it doesn't have to be that way. By careful
planning, saving, and cutting back on other items, it is
possible to pay off a mortgage in fewer than four to five
Of course, many variables will determine how you want to go
about doing that, including location, the amount of your
mortgage, your interest rate and whether or not you've managed
a large down payment, none at all, or anything in between. One
must also take into consideration the amount of free cash you
have on hand every month, whether it's $25 or $300 or more.
Living mortgage free is not as impossible at it seems to many
home owners, especially first time home owners, who may not
have been able to put more than a minimum payment down on the
house they've been saving up for, but with a little ingenuity
and a lot of fortitude, it can be done. Here's how.
Two things about a home mortgage stand out foremost in most
people's minds: the interest write off for taxes and that it
may be the biggest investment in time, money and emotion that
anyone will attempt in their lives. Owning a home is a very
wise investment, but that doesn’t mean you have to be burdened
by it for decades. As a matter of fact, more people are paying
off their mortgages early than ever before. Why are they
replacing their tax write off with the desire to be mortgage
free? Because you only save about .70 cents on the dollar by
using your house as a tax write off. As a tax shelter, it's
not all it's cracked up to be. You can place that extra money
in mutual funds or a Roth or IRA fund and do the same. So
what's the next biggest reason to pay off your mortgage early?
Because of the freedom involved! That and they want to use
their money for more enjoyable things, and to save more for
That being said, how to do go about living mortgage free?
Well, before you buy that old school bus and convert it into a
home, consider paying extra on your monthly home mortgage
payments. Just a little extra every month will save thousands
and tens of thousands of dollars on home mortgage payments
over the life of your loan. Just $100 a month, or even more if
you can swing it, can shave off six years on your house
When you pay off your home mortgage early, you can enjoy other
benefits, such as having more financial freedom, having more
choices what to do with your money, traveling, not worrying
day to day about where your next payment is going to come from
and a myriad of other pursuits. Financial security is a
motivating factor that determines when many people retire.
Instead of working until you're 75 so that you can pay off
that 30 year mortgage, pay the mortgage off early and retire
at 60, or even sooner!
These days, with health insurance and medical care costs
soaring, the stress involved in trying to constantly make your
dollar stretch a little further is growing more difficult. By
taking charge of your home mortgage, and paying extra every
month, whether it's $25 or into the hundreds, you are taking
charge of your destiny and financial freedom. Sacrificing a
little bit now may guarantee you the capability of living
mortgage free in the not so distant future! Imagine paying off
your mortgage in the next four or five years! Who wouldn't
give it a try? It's not as difficult as you might think.
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