I thought I should share another way to save on paying interest. How about paying your home mortgage off early?
Brian and I decided we wanted to do this about, almost 2 years ago. We bought our new home when the interest rate was almost 6%. We knew we wanted to refinance our mortgage but we waited for the right time. You see, I wanted a 4.5% rate and Brian wanted to pay no points. So, we waited for a year and a half to get what we wanted. We refinanced our mortgage but kept our mortgage payment at the same amount we were paying at the higher interest rate. So, we will be paying off our mortgage in 20 years verses 30 years, if we just continue to do what we are doing. Well, this will not do for us, we plan, with God's help, to pay off our mortgage in 10-15 years. This is our goal and I know with God's help this will be possible.
You may ask why we didn't take out a 15 year mortgage. We wanted the flexibility without being committed to a higher payment.
Some people say not to payoff your home because we will lose the tax write off. Yes, it is true but we will still get a write off because we will just give more to ministries (charitable giving). We would rather give to Godly works than to the government.
Wow, just think about finally being debt free.... Think about the freedom you will have with no mortgage. I hope this will help people to understand to think outside the box and to commit to saving. Think of small steps leading to big gain....
Brian and I decided we wanted to do this about, almost 2 years ago. We bought our new home when the interest rate was almost 6%. We knew we wanted to refinance our mortgage but we waited for the right time. You see, I wanted a 4.5% rate and Brian wanted to pay no points. So, we waited for a year and a half to get what we wanted. We refinanced our mortgage but kept our mortgage payment at the same amount we were paying at the higher interest rate. So, we will be paying off our mortgage in 20 years verses 30 years, if we just continue to do what we are doing. Well, this will not do for us, we plan, with God's help, to pay off our mortgage in 10-15 years. This is our goal and I know with God's help this will be possible.
You may ask why we didn't take out a 15 year mortgage. We wanted the flexibility without being committed to a higher payment.
Some people say not to payoff your home because we will lose the tax write off. Yes, it is true but we will still get a write off because we will just give more to ministries (charitable giving). We would rather give to Godly works than to the government.
Wow, just think about finally being debt free.... Think about the freedom you will have with no mortgage. I hope this will help people to understand to think outside the box and to commit to saving. Think of small steps leading to big gain....
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