5 Steps For an Early Mortgage Payoff
By Michael G. Harris

So you want an early mortgage payoff? It can seem like one of the toughest things on the planet. Many people would like to payoff their mortgage early, but they just don’t know how. In this article, you will learn the 5 steps to payoff a mortgage faster by using a system called the focused payoff method.

1. The first step is to live within your means. Avoid using credit cards unless it’s a true emergency. A credit card charge is easy to forget about once it’s made. If you feel the need to use plastic, use a debit card instead.

2. Next, find some extra money to pay off debt. Look at your monthly expenses and see what areas you can save money on by not spending so much. For example, most people spend too much on eating out. Is there a way that you could cook healthy meals at home cheaper? Also, many people overpay for car insurance. Could you use grocery coupons and save 10% on your monthly grocery bill? If you’re getting a nice tax refund every year, maybe you could have less taxes taken out at work and use that money for paying off debt. Just ask your payroll department. There’s all kinds of ways to come up with extra money. You just have to look for it.

3. Start listing all of your debts on paper. You will want write 3 columns on your paper and label them the following: name of debt, minimum payment, and total balance owed. List your debts in order from the smallest balance to the largest balance. This is the order in which you’ll start paying them off. For most people, they’ll list their credit cards first, then their car payments, and finally their mortgage.

4. Use the focused payoff method for an early mortgage payoff. Take your extra money and start paying down your first bill. Focus on only paying that one card off until it’s completely gone! Some people make the mistake of paying a little extra on each debt. This doesn’t work. The key is to focus on one at a time. After paying off your first bill then focus on your second, third, and so on. Keep this process up until all of your credit cards, student loans, and car payments have been paid off.

5. Start paying off your mortgage. Once you have paid off all of your other debts, then it’s time to start attacking your mortgage. You should have quite a bit of money coming in each month without credit card payments and car payments. Just take the money that you were wasting on these monthly payments, and start paying off your house.

By using the focused payoff method, most people can have all of their debts completely paid off in 5 to 10 years.

How would it feel to go to your mailbox and not see a big mortgage payment each month? That’s what can happen after using this plan.

It’s time to start living your life the way it was meant to be!

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