Live Mortgage Free - Forget About Mortgage Rate Rises!

A free article on Mortgage

By: Andy Guides

Who says to live free of mortgage or to save on mortgage loans you must live in a converted school bus or a tent? Alas, many people erroneously think this is the wise step to take to avoid mortgage loans.

Ignore all those naysayers who say you can't own pay off for your home early even if you own it; it's not completely true.

Don't fret that if you pay your mortgage early you might not be able to afford to maintain your present lifestyle; you can. Trust me on this one, nothing is as easy to achieve as this -- if you know how.

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. It's a false assumption for those who think paying off their mortgage is just a matter of putting aside thousands of extra dollars monthly. To pay off your mortgage without tears will take the right care in planning, the right adjustment in your budget and the right determination.

Have you ever been told that you can pay off your mortgage within just 5 to 10 years? Is there some sort of catch going on here?

Of course not, all you need is to be willing to sacrifice and you can pay off your mortgage easily.

Want to know the precise way you can make this possible?

First things first, don't spend your yearly tax refund on boats, cars or other such unnecessary expenses. Rather than this, put the yearly tax refund payment into repaying the mortgage loans. As little as $50 to $100 more each month can go a long way to reduce tens of thousands of dollars of your mortgage loans.

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. I know that you used to travel far for your anniversary celebrations each year, but this time it will be good to celebrate it nearer home so that you can save the remaining money.

Ladies can save a lot of money each month when they learn to do their spa treatments and pedicures or manicures themselves. 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.

You can cut out as many as 6 years off your mortgage loan with little hundred dollars extra payments each time you have them. To increase your savings, make it a habit to pay any little extra you have. Now, who can afford to miss such an opportunity?

It doesn't matter how low your income is, it's possible for you to save an extra $10 to even $25 each month from what you were spending to buy beer, cigarettes, lunch or any other such expenses. You can tell your lender that you want to increase your payments, if it's possible. It's possible to revert to the old payment if this new increase doesn't work for you.

At the time for tax refund, save the extra payment in your account and consider it a good way of using the money. Why not commence a new account specifically for extra expenditures like vacations, entertainment, etc? If you want to shave off your years of mortgage loans payments and be mortgage debt free years earlier, then learn to live a life of moderation. I'm not saying you should stop your entertainment completely; just cut down on it a little. Those that used to go out weekly should change it to once a month.

Learn the discipline of moderate living; this will give you extra money that you can pay towards your mortgage loans. Get a calculator out now and check it out. It's very difficult to see anyone that will have the temerity to admit that they won't want to save tens or hundreds of thousands of dollars during the time their mortgage will last.

Don't be like those who think they must sell their lives to own their homes. If you consistently follow your budget of living on less and putting aside a certain amount each month for repaying the mortgage, you will be surprised that you will pay it all within 5 to 10 years.

Information about the Author:

Andy Guides is a freelance writer for many topical websites in a selection of niche markets. One of his favourite sites is Live Mortgage Free (www.LiveMortgageFree.com) where you can read about Mortgage Rates 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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