Planning To Be Mortgage Free

What’s your mortgage plan? Do you have a plan to be free from your mortgage or are you planning on making monthly payments as always for 25 years?

After “Saving for retirement,” a full 38 percent of respondents to a recent Angus Reid survey indicated that “Paying off their mortgage sooner” was a top goal within their personal financial plan.

Is being mortgage free your top priority?

When do you expect to pay off your mortgage? Are you familiar with some of the ways you can move this date forward?

Planning To Be Mortgage Free:

Like any major goal, paying off your mortgage early does not come without hard work and sacrifices. You need to set goals and adhere to them.

Let’s be realistic. You don’t want to give up everything you enjoy today in your quest to pay off your mortgage tomorrow. However, you’ll want to consider the following information when determining your mortgage payback plan.

  • Formalize a financial plan and a budget. A financial plan will outline your long-term goals; a budget will provide detailed steps on how to get there.
  • Track your spending to see exactly where your money is going. There are free tools to help you with this.
  • Prioritize your expenditures, from the tangible ones to entertainment and vacations.
  • Find places to save money. If you have cable but only watch Netflix, cancel your cable bill. You will probably find there are small things that add up to a big difference in a year.

Let’s talk about ways you can fit extra mortgage payments into your plans, whether it’s on a one-time or once a year lump-sum basis, or by increasing either the amount or the frequency of your regular mortgage payments.

As always, if you need help buying or selling your home please don’t hesitate to contact us at any time.