Buying your first home can be an exciting time. You’ll read up which are the best parts of town to live. You’ll check the styles of homes available. And then you’ll start comparing prices and checking mortgage rates. Sounds simple, right? Just find your dream home and sign for a mortgage…
What Type of Mortgage Loans Are Best?
But buying a home is a huge investment. Mortgages may seem like a simple concept, but there is much more to them than most realize. Will you apply for a fixed or adjustable-rate? Is an FHA loan right for you? Is there a penalty for paying off your mortgage early? These questions can be overwhelming, but picking a type of mortgage loan doesn’t have to be. To keep it simple, here are five of the top mortgage loans, complete with their pros and cons.
Fixed rate mortgages are a budget . . . → Read More: Buying a House? What Type of Mortgage Loans Are Best?
“How long have you been living in the area?” asked the dental assistant. “Well, I’m officially making my last mortgage payment this month,” the grinning male patient responded. “Oh! So you’ve been here for 30 years, wow!”
This interaction seriously made me throw up a little. Debt has become such a normalcy in our society that people are starting to mark their live’s events by it!
(FYI, the norm wasn’t always a 30 year mortgage. People used to take out short term loans from the bank to pay for their homes, and then they paid cash for upgrades and increase acreage as they went along.)
I don’t know about you, but when people ask me about my life, I want to tell them about my kids, my travels, my experiences. NOT my long-term debts.
How to Pay Off Your Mortgage in 5 Years or Less
I started paying off my . . . → Read More: How to Pay Off Your Mortgage in 5 Years or Less!
I graduated from college at the age of 23 and was worth -$10,000. Over the next 7 years, I married, divorced, remarried, and still came out completely debt free (including the house) by the time I turned 30.
How the heck did I do that?
How to Get Completely Debt Free by 30
I honestly didn’t think I was doing anything that spectacular at the time. Sure, I was a little more aggressive than most, but was I super-human in my efforts to pay off my student loans, my credit cards, and my house? Nope. Absolutely anyone could have done what I did over those seven years.
Looking back, I attribute my financial success to the following reasons – all of which you can implement and use for your success as well!
1) I Got Scared
Everything was new. We just recently graduated, found an apartment, and were living on . . . → Read More: How to Get Completely Debt Free by 30
This is a guest post from Pauline from InvestmentZen.com
You become financially independent the moment your investments yield enough money every month to cover your expenses. You can then decide to stop working and enjoy life, although most people simply decide to slow down a bit, while remaining active. If you are financially independent in your early 40s or even 50s, the perspective of laying in a hammock sipping cocktails all day long for the next 50 years is actually a bit depressing. But in order for your investments to cover your expenses that early, you need to focus on two things:
Spending less Saving more
The less money you need in order to support your lifestyle every month, the quicker you can quit your day job and focus on what is really important to you. Getting rid of your mortgage seems like a great idea in order to get . . . → Read More: Pay Off Your Mortgage Early and Become Financially Independent
The bank no longer has a grip on me – I am 100% debt free.
No credit card debt, no student loan debt, no house debt – they are all paid off in full.
How did I get here? Through careful planning…and then through a whirlwind of hard work and sleepless nights when those careful plans went to crap. It still feels a bit surreal, but as of December 11th, 2014, I am completely debt free (and I intend to stay that way for life).
How I Paid Off My Mortgage – The Crazy Idea Comes Into Fruition
It was about one year after my wife left me. She had demanded $22,000 and I was miraculously able to come up with all of the money in just six months. Sure, I was frugal before and enjoyed saving money, but I had no idea that it was possible for me to . . . → Read More: How I Paid Off My $54,500 Mortgage In Less Than One Year
I have spent the last 11 months aggressively paying down my mortgage with the hopes of making the final payment here in December. So am I going to pay off the mortgage this month? It actually looks promising! Before I get too far ahead of myself, let me show you how I’ve gotten to this point.
From the Beginning: Pay Off The Mortgage in 2014
After paying my ex the $20,000 she demanded in 2013, I realized how quickly I could actually accumulate money! This got me thinking about the mortgage I hated, and I soon began to wonder if I could make it disappear inside of a single year! To do this I would have to come up with $54,500 in 12 short months – not an easy task, but I rolled my sleeves up and dove in.
From the very beginning I cut down on my bills, spent . . . → Read More: Will I Pay Off The Mortgage This Month?