Tip 1: Budget: Set spending limits and stay within those limits. The hardest part of beginning a budget is the time required to gather the information required. In the long run the benefit will be a stress-free lifestyle.

Tip 2: Monitor all debt and limit any interest bearing expenses. All interest payments are calculated through the use of amortization tables. These tables were developed to stimulate home ownership and banking profitability after the great depression.

Tip 3: Learn all you can about accelerating your home ownership. It does not matter if you are a math wiz or not, mortgage acceleration can be learned in a couple of months. Find a good program with a mentor who has your best interest at heart.

Tip 4: Do a quick calculation of the true interest cost of your home. For Example, say you borrow $250,000 to purchase your home with a payment of $1663 per month for 30 years. Then multiply $1663 x 12 months x 30 years - $250,000 would equal your interest payment. Do this one calculation and you will be shocked.

Tip 5: Do not skip your first payment when you buy or refinance. If you have a $200,000 30year loan at 6%, the initial interest payment is $1083. by skipping this payment the $1083 is added to the balance, making it $201,083. Therefore the interest payment will remain higher throughout the life of the loan. if your loan runs for a full 30 years, you will end up paying an additional $5986 of interest over this time. Saving $5986 by not skipping the first payment will give you a return of 552 percent of your money.

I hope you find this information insightful and informative.