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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