Mortgage Rates: 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 envy.

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 yourself.

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 every month.

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 monkey wrench?

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 are covered.

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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