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It's completely wrong to feel you have to be homeless before you can save on your mortgage loan or live mortgage free. But this hardly is the solution to take if you want to avoid the slavery of paying mortgage loans. 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 too. 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. The noble act of paying your mortgage loan quite early is a very good thing to do, regardless whether you have the cash 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? Think this is a joke? Not at all, just a little sacrifice is all it takes. Do you want to know precisely how this can be done? First, resist the urge to blow your tax refund on unnecessary expenses when you receive it each year. The wise thing to do instead is for you to put that money aside for repaying your mortgage loans. As unlikely as it seems, you can cut off tens of thousands from your mortgage debt if you commit to paying $50 to $100 more 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. Instead of taking the trip to Hawaii each year for celebrating your anniversary, it's wiser to take a trip closer to your home where you will spend less. Ladies shouldn't continue to spend so much money on pedicures and manicures and those expensive monthly spa treatments; they should do these themselves instead, and save the extra money. 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. I know many will tell you that your hundreds of dollars extra payment don't count, but the truth is that they do -- they can even cut 6 years off your mortgage payment. You don't have to wait for big money before paying it in; the little extra you pay each time can help increase your savings. I don't think anyone will hesitate before taking advantage of this. Even if you're at the lowest spot at the minimum wage ladder, you have the power to save some extra $10 to $25 each month by cutting down on cigarette and beer expenses. Consider talking to your lender so that you can increase the payment on your mortgage; that's if you can indeed afford to pay the increase. You can revert to the old payment on your mortgage, if the new increase is taking it's toll on you. It is money well spent if you put aside your tax refund for future mortgage payment. Don't listen to those that say you should spend money from your main account; instead, open a new account for the purpose of extra unnecessary spending. Moderate living is what you will learn to start living to be able to pay off your mortgage early and not living like a monk. It will be unreasonable for anyone to say you should cut out your entertainment completely; what's reasonable instead is to reduce the amount you spend on entertainment a bit. Instead of weekly outing, change it to monthly outing. It's advisable to live in moderation so that you can have the extra money to put in for your mortgage loans. Do the numbers with a calculator now. 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? It's very unwise to sell your life in a vain bid to own a home. All you have to do is to follow a budget; with it you will be able to take good control of your life and conveniently pay the little extra monthly to be able to get mortgage debt free in as little as 5 to 10 years.
Article Source: http://www.climate-change.net.au
Andy Guides is a freelance writer for various newsworthy websites in a variety of niche markets. One of his trendy sites is Live Mortgage Free (www.LiveMortgageFree.com) where you can read about Mortgage Calculator At the site you can get Eddie Lamb's free special report entitled "Discover The 12 Fundamental Steps That Will Put You On The Road To Living A Mortgage Free Life In 180 Days Or Less!.
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