How to pay off your mortgage in 6 to 8 years: Wealth habits of the rich that will save you thousands
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How to pay off your mortgage in 6 to 8 years: Wealth habits of the rich that will save you thousands
By Joe Correa
Want to pay off your mortgage and be out of debt?
This book has the solution. It's full of valuable ideas and examples that others have used to eliminate their mortgage debt in just a few years. You will learn how to minimize expenses and plan your pay off strategy in an organized and practical manner.
What do banks offer as a solution?
Most banks only give you one option which is basically to send your payment every month for the next 30 years. Yes, you will have paid off your mortgage by then but there's a better way. A faster way and easier way that requires simply planning for what needs to be done.
Do you have a 30 year mortgage?
Do you have credit card debt?
Do you make insurance and property tax payments?
If you answered "yes" to any of these questions, you can seriously lower your mortgage debt and the time it takes you to pay it off. If you answered "no," there's still other options that are explained in detail.
Most books give you general ideas as to what you can do to eliminate your mortgage debt but this book shows you how it's done with real examples and solutions.
You will see how payments amortize, how much interest goes towards payments, and how much interest you will pay over the life of the loan when presented with different solutions.
Why is paying off your mortgage important?
Having a 30 year mortgage can be a blessing and a headache at the same time. Most people finance their first home while in their 30's which means they will finish paying off their mortgage in their 60's if not later. When you finally pay it off, you will have eliminated one of your largest monthly payments and you can now start saving a lot more than before. Guess what? You are around retirement age or coming close to it so what will happen to your income? For some, it will remain the same. For others, it will decrease slightly. And for many, it will disappear and you will have to live off your retirement savings for however long they last. Having less expenses sooner than later will equate to more savings for years to come and having less payments to make will reduce the financial burden when you have retired.
Taking proactive steps towards paying off your mortgage sooner will change your life. It will allow you to free up time to do what you really want to do and work less.
Pay off your mortgage and start living the life you have always wanted Go on vacation, spend time with loved ones, or start a new business.