Following the Path to Mortgage Free Living: Part One
Tired of writing that mortgage check every month, until you
think you'll need a separate check book just for house
payments? Tired of dealing with rising mortgage rates? You're
not alone. Millions of homeowners feel the same way, and yet
some of them are taking a chunk out of the burden and getting
out from under mortgage payments years, sometimes decades
before their neighbors. How? They make an effort to pay off
their mortgage early and thereby can enjoy mortgage free
living. Just the thought makes many homeowners drool with
Living mortgage free is not a pipe dream. It's a reality that
can, and does, occur with increasing frequency these days.
Why? Because for some, it's their way of sticking it to 'The
Man', while for others, it's the path toward financial freedom
and no stress. Do you have to make a million dollars a year to
attempt to pay off a mortgage early? No, but you do need about
$100-200 extra cash every month so that you can pay extra on
your mortgage payments. While many people think they can't
afford even that, you'd be amazed at how much money you spend
on a monthly basis just going out to eat, or entertaining
Check out the following Tips to help get you started on paying
off that mortgage in less than five years.
Low mortgage rate and interest rate: Make sure you have the
best interest rate you can find. Most home loan mortgage rates
should be offered at between 6-8 percent interest. If you are
higher, refinance. If you're lower, then what are you waiting
for? Take advantage!
Cut Fuel Bills: In winter and summer months, take a bite out
of electric or gas bills by wearing a sweater in the house
instead of bumping that thermostat up. In colder climes, keep
the heat set no lower than 45 degrees however, so that you
don't run the risk of cracked pipes. In summer, try using
floor fans or turning your air conditioning off at night and
opening a window with a fan nearby to move cooler night air.
You'll save hundreds of dollars a month.
Cut Back on Shopping: Yeah, that's a hard one for lots of
people. Still, if you trim the fat from your grocery bill
every month, and make due with fewer desserts, cookies and
other non-essential items, you'll save hundreds of dollars
Spend more time Window Shopping: You don't have to cut out
your trips to the mall every weekend, but you'll need to leave
those credit cards at home. Shop with your eyes, not your
wallet. After all, do you really need that Coach purse, or
those Jimmy Choo shoes, can you make due with the dozen or so
other styles stored in your closet?
Shop For Less: When it is time for new shoes or clothes, stay
away from the designer labels. After all, who's going to
notice the difference if they don't look at the label with a
magnifying glass? And who cares, anyway? Stop competing with
the neighbors and buy generic. After all, you pull pants on
the same way, not matter what name is on the label.
DIY: Whether it's home or car repairs, try fixing things
yourself instead of calling in plumbers, electricians and pool
repair men. Get a book and learn how to fix things yourself.
Who wants to pay a plumber $75 an hour to take the trap off
your sink when you can do it yourself with the use of a $20
Compare Home Owner's Insurance Policies: If you own a home,
you need homeowners insurance. Instead of going with the first
one you find in the phone book or on the Internet, shop around
for better deals, but remember to make sure your basic needs
Your mortgage rates determine what your monthly payments are.
Still, they are just the tip of the iceberg, and just those
items will save most homeowners about $500 a month in
expenses. Keep track of every penny that you spend for a month
or two and you'll be amazed at how much of it is frivolous.
Spend it on mortgage payments instead and get out from under
the mortgage blues.
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