Let's face it, no one takes a mortgage because they like its features.....
We get a mortgage so we can own our home and pay as little as possible for the privilege.
Mortgage lenders don't sell you a loan... They help you get a home, and the mortgage just helps make it happen.
Well, you own your home now, complete with the big mortgage. Now what?
Given you just want a home, the mortgage is like a wart on your nose. It might be part of you, but you'd definitely prefer it was gone. So how about getting rid of it.
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You'll find lots of good ideas on the net (I wrote some of them) on ways to reduce your loan more quickly and ways to find savings in your loan. All these are designed to shave some years off your loan. Many of these are terrific ideas. A 5 year saving on your loan term might not seem much at the beginning of the loan, but when you get towards the end, you'll be glad they are gone.
The trouble with all these ideas is that they rarely help you get rid of the debt REALLY quickly (like under 5 years).
Let's face it, if you owe $200,000 then that's what you have to pay back. We can slice and dice it into weekly and monthly chunks and do our best to reduce interest costs, and all sorts of things, but when you get right down to it, you need to find $200,000.
To do this you need a plan and a system that takes into account how loans work.
Your system needs to take into account the realities of your own life plus the details of your loan. Your family can help. It can be fun, but ultimately the reason for making the effort to get rid of your mortgage is to take your life back!
Kick the mortgage out of the driver's seat of your life, and climb in there yourself. It's time.
Time to spend more time with your kids or your spouse. Time to travel more. Time to take a more satisfying job. Time to start a family. Anything really. Time to get your life back instead of working to pay the bank.
A few quick tips can get you started.
Pay your mortgage when you get paid. It makes no sense to have your payment sitting in the bank earning nine tenths of not very much, waiting for the payment on your loan to be due. So if you get paid weekly, pay your loan weekly. If you get paid monthly, pay your loan monthly. Increase your payment by a little each year. As the years go by, these little increases start to become fairly significant. Sell unused stuff and pay the proceeds into the loan. You would be surprised how much this can save over the life of the loan. Finally - start hammering the principal amount you owe. Get serious. Down with the mortgage!
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