No, you don't have to live in a tepee or a converted school bus to save on mortgage loans or live mortgage free. Although that's what many people do to avoid the mortgage trap that keeps them chained to monthly mortgage payments for years, even decades. You can own a home and pay off your house early, no matter how much the naysayer will scoff and try to hamper your efforts.

How do you pay off a mortgage early and still be able to put food on the table and enjoy life a little? It's not as difficult or out of reach as you may think. Paying off your mortgage loans early should be a high priority with any homeowner, whether you have money or not.

You don't need to be bringing in thousands of extra dollars a month in order to be able to accomplish this impossible sounding feat, either. With a little careful planning, some budget adjustments and a lot of determination, every homeowner can shave years off mortgage debt or even pay off a home in less than ten, or even five years! Is there a catch? No, you don't have to sell your blood to accomplish this seemingly impossible feat of financial wizardry, but you do have to be willing to sacrifice a little.

How can this amazing feat be accomplished? For one, if you receive a tax refund every year, don't spend it on cars, boats or spending sprees at your local mall. Instead, put that money toward your mortgage loans payments. Even $50 to $100 dollars extra a month will take years and tens of thousands of dollars off what you owe on your mortgage. So, instead of taking that yearly fishing trip on the other side of the United States, try fishing closer to home instead. Instead of that trip to Hawaii you take every year to celebrate your anniversary, find a place closer to home that will do just as well. For the ladies, give up those monthly spa treatments and pedicures or manicures and do it yourself! Guys, try golfing once a month instead of every week and you'll both save hundreds of dollars that can go toward paying off your mortgage early.

It may seem that your hundred dollars won't go far to pay off your mortgage early, but did you know that by paying $100 extra on a house payment can eradicate six years of mortgage payments over the life of your home loan? If you can put extra on once in a while, your saving will be even greater. Now, who wouldn't want to take advantage of that? Even those living close to the edge can manage to spare an extra $10 to $25 dollars a month on something, whether it's cigarettes, beer or just your local Target or Wal-Mart store habit.

Talk to your lender about increasing your payments, if you think you can swing it. If you can't, you can always go back to what you were paying before. At tax refund time, put an extra payment or two into your account and think of it as money well spent. Start another account for entertainment, vacations or extras, saving money from groceries, frivolous expenditures, eating out and other stuff. No, you don't have to live the life of a monk in order to pay your house off early, but the benefits of shaving years, or even decades off your mortgage payments will more than balance the things you have to give up for a while. You don't have to cut out entertainment altogether, just trim the edges a little. Instead of going out every week, make it once a month.

Learning to live in moderation is the key to coming up with extra money to send to your mortgage loans company. Get out your calculator and do the math. Who wouldn't want to save tens or even hundreds of thousands of dollars over the course of a mortgage! Don't sell your life away to own a home. YOU can take charge and pay a little extra every month, and benefit by living mortgage free in less than ten, or even five years, by following a budget.

Article Source: http://EzineArticles.com/?expert=Eddie_Lamb