Since buying a home is often the biggest purchase most Americans make, it’s imperative to make the right decision when doing so. With that in mind, a recent piece on ESI Money outlines how to purchase a home and pay off the mortgage in 10 years.
The author suggests living in, or moving to, and inexpensive area and buying a home you can easily afford.
Once you put 20% down, the author has these suggestions:
Put extra payments into your budget. As your income grows, don’t increase your cost of living. Instead, keep expenses under control to grow your surplus. Then use that growing surplus to make extra mortgage payments.
Put bonuses, gifts, second job income and all other “extra” sources of money into paying off the loan. Any extra money you get, apply it to the mortgage. You will literally see payments disappear in multitudes as you do. I remember seeing three or four payments go away simply by making one extra mortgage payment.
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