Living Mortgage Free:
Believe it Or Not!
Ask most homeowners, and they will scoff at the idea of living
mortgage free. But did you know that hundreds, even thousands
of homeowners do it every year in your area, or state? Your
first thought will be, 'Well, they must be rich'. However, the
vast majority of them are living on a budget, just like you.
Your next response may be, 'Well, they must have bought a
dump, but mine was more expensive'. Again, not true. Even in
most rural areas, you can't buy a house any more for under
about $120,000. Okay, the next and last response is typically,
'Well, then they either went VA and didn't have to come up
with a down payment', or conversely, 'They must have made a
huge down payment'.
None of the above need apply in order to pay off a mortgage
early and live the life of mortgage free people who can then
use their hard earned money for bigger and getter things than
making monthly mortgage payments that hang around your neck
like a stone. How did they do it? It's pretty basic, really.
By paying extra money on your monthly mortgage payments,
homeowners can save thousands, tens of thousands, even
hundreds of thousands of dollars over the course of their
mortgage. Do they have to pay $500 to $1,000 extra a month to
accomplish that? No! That's the best part of paying off a
mortgage early. Do the math! If you pay even as little as $50
to $100 dollars extra on your mortgage every month, you can
shave from 3-6 years off your mortgage. Sounds nice, doesn't
it? You will save tens of thousands of dollars that would have
been applied to interest only, and yet you will be chipping
away at the principal instead. Sound nice?
Even mortgage lenders are encouraging homeowners to pay off
their mortgages sooner rather than later these days. Why? It's
just plain, good business. Getting pumped up with the idea of
paying off that house and living mortgage free is the first
step toward taking charge of your financial independence.
Really! Attitude plays a large roll in the ability of a
homeowner to pay off the house early. Why? Because you have to
be willing to cut corners in just about every other aspect in
your life for a few years. Is it impossible? No! Is it really
possible to pay off a mortgage in less than five years? Yes!
By tightening your belt and cutting out a lot of the extra
spending you're doing already, you can put $50 to $100 dollars
extra on your mortgage payment every month. Oh, you're already
cutting it close? If you’re a smoker, you can save hundreds,
even thousands of dollars a year on cigarettes by quitting. It
may sound drastic, but just think of all the ways that extra
money will come in handy. Do you like to shop? Even if you're
a bargain hunter, and buy those shoes or handbags for less
than you would on Rodeo Drive, you're still spending hundreds
of dollars on items that you don't really need.
An average dinner for two at a restaurant these days costs
almost $75. That's almost $400 dollars a month that could have
been earmarked for an extra house payment. Or perhaps you
golf. Did you know that green fees, cart fees and membership
fees saved for a mortgage instead could take tens of thousands
of dollars off what you owe on your house? How does that make
you feel? Sure, we all need a little entertainment in our
stressful lives, but by using your extra cash wisely, you can
be mortgage free in an unbelievably short amount of time, and
then you can truly enjoy the fruits of your labor when you
still have the physical stamina and abilities to do so.
Living mortgage free is within the realm of possibility for 95
percent of homeowners. That's why it pays to cut corners and
get that house paid off early. Just think of the ways you can
spend that money every month instead of handing it over to the
mortgage company. Sounds nice, doesn't it?
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