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Of course it's not compulsory to live in a tent or some converted school bus to be able to save on mortgage loans or to be able to live free of mortgage. Regrettably, this is the mistake many make in an attempt to prevent paying mortgage. 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 either. 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. Settling ones mortgage loans early enough should be everyone's top priority, regardless whether the funds to spare for this are available or not. If you think all it takes to achieve this difficult task is just to put in thousands of dollars monthly, you got it all wrong. The fact is this -- anyone who has the determination, care in planning and makes budget adjustment will be able to pay off their mortgage debt in good time. Did you know that there are many who have paid off their mortgage in just 5 years? Wondering if there's a catch here? No, if you are willing to undergo the sacrifice, you can be mortgage debt free. Still wondering how you can achieve this seemingly impossible task? Many make the mistake of spending their tax refunds each year on irrelevant expenses; don't be like them. The wise thing that should be done instead is to save the money to put in repaying your mortgage loans. You can cut off tens of thousands of dollars in years from your debt on your mortgage by just paying extra $50 to $100 monthly. For example, a smart move is to take a fishing trip that's closer to home rather than one that's far on the other side of the United States. Instead of spending so much money traveling to Hawaii each year for your anniversary, pick a place closer so that you can save the extra. Any lady that truly desires to pay her mortgage early should give up pedicures and manicures and those expensive spa treatments each month; learn to do them yourself instead. 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 it seems that saving extra hundreds of dollars don't matter towards paying off your mortgage, but you will be surprised at the great impact it will make. 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. It'll be foolish to miss such opportunity. Don't tell me your income is too low because it shouldn't stop you from saving extra $10 to $25 monthly from the amount you spend on beer, cigarette, lunch or other irrelevant expenses at Wal-Mart or Target. If you want to be mortgage debt free faster, talk to your lender to increase your payments. It's possible to return to the amount you were previously paying, if you get stuck with paying this new increase. When it comes to time for tax refunds, you should put that extra money into a separate account; this should be seen by you as money well spent. If you have a craze for entertainment, vacations and other such extra spending, open a separate account for these purposes. No, this isn't saying you should live the life of a monk because you want to be debt free; but it will help you to live moderately and not wastefully. Reduce the time and money spent on entertainment, not stop it completely. Instead of 4 times outing in a month, make it 1 outing in a month. Those that are frugal in their living expenses can save the extra money each month that will add up to help them pay their mortgage loans. Just go ahead and do the math with a calculator to see. 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? I don't agree that one must sell his/her life to own a home. Of course anyone can pay their mortgage in as little as 5 to 10 years if they applied the required budget and discipline to pay a little extra each month.
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To home-owners everywhere: If you want to eliminate your mortgage, be certain you check out Eddie Lamb's excellent free report on how to dump your home mortgage and Live Mortgage Free in 4 years or less.
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