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Simple Steps to Payoff Your Mortgage

There is probably nothing more exciting in a home owner’s life than coming down to that last mortgage payment. Many people have mortgage burning parties when they finally pay off the debt. As the lenders have worked harder to give borrowers more money, the payoffs for mortgages has gotten farther and farther away. Here are a few tips that can help you bring the payoff of your mortgage a few years closer.

It might surprise you that just a few extra dollars a month (or one full extra payment a year) can reduce the years on your mortgage by around 5. It will also decrease the ultimate cost of your home by thousands of dollars. Making two extra payments each year will reduce a 30 year mortgage to a 20 year mortgage.

1. Use your tax refund each year to make an extra payment or two. Remember that every time you do that you are reducing the cost of your home and the length of the mortgage.

2. Cut just $50 from your grocery budget each month and use that towards an extra payment.

3. Skip dinner out once a week and use that for extra mortgage payments. Eating in can be just as easy, offer better selections and even be more fun.

4. Give up the regular manicures or pedicures and opt for a quicker life with no debt.

5. Give up cable (satellite) for one year and apply that money to your mortgage. You might find that you like life more without it.

6. Commute to work or school with friends and neighbors. You can save a bundle on gas, particularly now, and apply that towards your mortgage.

Paying just a few extra payments each year can help you almost cut your mortgage in half. Once it is paid in full you will have financial freedom like you never before imagined.

Article Source: http://www.articleresourceindex.com

Harry also writes for Low.com. This website offers low cost health, life, homeowners and auto insurance. Click the underlined link to learn more about home buying and how much you can afford to pay.

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