DNB First shared a link to an article today about “why you should make an extra mortgage payment” and it made me wonder, how many people have been able to pay off their mortgage early?
A quick google search revealed several stories of people (couples, families and individuals) who were able to pay of their mortgage in less time than the original life of the loan. Many suggestions include: cutting superfluous spending, making a strict budget, eliminating other debt first, and refinancing.
One article that stuck out in particular comes from a blog called Domesticimperfection.com. In their story about paying off their home early, the author describes how she and her husband were able to pay off their mortgage in just 3.5 years! Incredible.
For many that seems very aggressive, and might not always be a feasible option. But the point of her post should apply to any situation. You can acheive any financial goals you have with proper planning, organization and dedication.
Do you or someone you know have a story about a big personal finance win? Please share!
One response to “Early Mortgage Payoff?”
If was making the kind of money most of Dave’s callers did, I would buy a house right now. We hardly have any debt, so I’m working on the making more money part (going back to school in the medical field).