Mortgage payments sound like a long-term commitment for most people because it entails giving monthly payments to the lender for 15 or 30 years. While these two might sound like the only options one can choose from, there are several ways in which you can pay off your mortgage in as fast as three years.
It might sound impossible for most people to hear that they can pay off their mortgages in as fast as three years. Some naysayers may think that only those who are millionaires or those who won the lottery can afford to do such a thing, but Realtor.com notes that there is a way to do it even without a huge paycheck or fat account behind you.
Here are three simple and easy ways you can pay off your mortgage quickly:
1. Buy a Home in the Cheapest City in the U.S.
People oftentimes forget how location determines the prices of homes in the market. The publication noted that a 40-year-old software salesman named Phil Lavoie was wise enough to take note of this and decided to buy a home in the cheapest city in the U.S.
The publication noted that Lavoie was able to score a three-bedroom home for $145,000 in Indianapolis and he was still able to keep up with his job. Lavoie was able to pay off his mortgage in two years.
2. Learn to Compromise
Of course paying off your mortgage quickly means that you will have to sacrifice some of those night outs with your friends or resist the urge to order food from your favorite restaurants. Come to think of it, you are also doing your body a good thing by skipping on the fast food and going for home cooked meals.
3. Find Other Ways to Save
If you feel that your salary from your job is not enough to pay off your mortgage as fast as you would like to, then there are other means to save up such as looking for a second job. Others may be tempted to use their 401(k) savings, but as reported here on Realty Today, your 401(k) should only be used for your retirement, and not for your mortgage payments.
