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Tips for Paying Off Your Home Loan Early

Updated on July 1, 2009

It is the dream of many of us to own our own home. No longer having to worry about paying a monthly rent to a landlord that is getting rich off of our payments while we are staying poor. No longer having to worry about having loud neighbors that bang on our walls all night long while we try to sleep so we can go to work in the morning, but owning a home does have some bills that we all want to try to pay off early. Now the main bill that most of us associate with owning a home is the loan that we have to take out to get the house. Now for many of us with the economy going down in shambles we are all trying to consider how to get out from underneath our bills as quickly as possible. Here are some tips that can help you get out from underneath the burden of your home loan faster than what the bank would want you to because then they lose out on the interest that they charge you.

1. Make an Extra Payment

Now I know that this is a lot easier to write down than it is to actually carry it out, but this will work for any of your bills that have an end date. However, on your home payment making just one extra payment each year can drop years off of your loan. You might not realize that the main thing that you are paying on is interest for the first few years of your loan even for an automobile loan this is the same.

2. Purchase a Lower Cost Home

For some people they purchase a home because of multiple reasons, but for some it is all about the prestige of having a nice house to show off to your bosses. That might even mean though that the monthly payment for the house can push us to the breaking point of determining if we have furniture or not. You have to remember that no matter what you do not want to impress people with your home. Now I know that you will want to have a nice home, but you will want to have one that does allow you to have a comfortable living as well. If you do purchase a lower cost home then that will allow you to make multiple extra payments which will drastically reduce the amount of time spent paying off your home.

While homeownership is a dream for many people being able to pay the loan off is even bigger for most of us. Then we do not have to worry about having a monthly loan payment any longer because it is ours. I know that some people will want to pay this off as fast as possible and I know that these tips can help you achieve this.

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