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a mortgage is

Item ID#:3227071Location:
Seller ID#:345561 Views:

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Pay Off Your Mortgage Fast

The System We Used to Clear our Home Loan in Four Years.

To get rid of your home loan in under 5 years, you need a system.

The trouble with a mortgage is that sinking uneasy feeling you get when you know you can afford it as long as nothing goes wrong.

Your knowledge that you have to make that payment each week never quite goes away.

The mortgage payment seems like an acquaintance in the house. You have to feed it and look after it, but you aren't really all that close.

If you want to do something as a family, you always say, "but what about the mortgage". It makes you feel like giving it a name. You know, something like, Lucius.

"We could go fishing at the coast this Christmas, but what about Lucius?". Yeah, that works.

Seriously though, your mortgage payment is vitally important, because without it, you may not have your home.

Here's the thing, though

If you can't pay it, you could lose your home, but if you can pay it, often your life choices are restricted.

Now, we probably shouldn't whinge about it too much because the mortgage bought the house for us, but... wouldn't it be nice if the mortgage was gone?

So. Is it possible to get rid of the home loan entirely?

Well, we did. But a lot of people don't.

I reckon it's often because they don't know how.

Don't get me wrong. It can take a significant effort to get rid of your home loan REALLY fast. Not everybody wants the loan gone enough to make that effort. BUT... If you are up for the effort, you need to know HOW.

So let's assume you know how, AND you're up for the effort, required. Can you realistically expect to get rid of that debt in just a few years?


If you had no home loan and you needed to move for a better job, you don't have to worry about paying the mortgage.

If one of you wants to take some time off to bring up a family, ..NO MORTGAGE.

A trip around the world for a year. Rent the house, there's NO MORTGAGE, so you get to keep the rent money.

There are a limitless number of possibilities if the mortgage is gone!

After 30 years as a banker, I have seen thousands of home owners slave over their mortgage and wonder why it took so long.

A few figured it out. You see, we know what works, and we did it ourselves.

Even something as simple as understanding how loans work can make a difference. For instance:

Did you know that to double the amount you are actually paying off your home loan, is not actually a lot of money?

It works like this:

Let's say you owe 300 grand and you're paying it off at 6% interest, on a 30 year loan.

Your repayments will be around $1800 a month.

At 6% interest, the interest component of that repayment is approximately $1500/month.

This means that you are actually paying only about $300 per month off your mortgage.

That little bit of insight probably feels like a punch in the belly.
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9/16/2014 10:56:39 AM UTC