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Best Way To Pay Off Mortgage Quicker – Want to pay off your home faster and pay less interest over time? Conventional mortgages have fixed interest rates over 30 years. With a loan extension, if you qualify and buy your home with a mortgage, you can pay off the home in just 20 years.
Check out this example of a home with a purchase price of $100,000 and see how an accelerated loan can help you save money and pay off your home faster. Or click here for an example of a $150,000 house.
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Learn more about the home loan program. If you’re ready to speak with a loan officer to see if you qualify for a mortgage loan, contact a loan originator.
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* Estimated loan terms are based on a purchase price of $100,000.00, loan amount of $97,000.00 (or 3% down), interest rate of 3.994% (4.246% APR), credit score of 620, monthly principal and interest of $462.76. More than 360 months. ** Estimated loan terms based on $100,000.00 purchase price, loan amount of $97,000.00 (or 3% down), plus .5% discount points ($485.00), interest rate of 1.644% (1.943% APR), credit score of 620, $474.52 monthly principal Principal and interest over 240 months. There are income and eligibility limits. Prices and availability are subject to change without notice. See your mortgage lender for more information. Want to get out of debt? Here’s how we paid off a $90,000 mortgage in 5 years. Top tips and inspiration for paying off your mortgage so you can live debt free.
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While I often share about saving money, I don’t often go into detail about our personal financial history.
There are various times when I think about sharing too much, but in the end I always decide not to because I’m afraid I’ll sound like I’m tooting my own horn or think we’ve got it all and are better. Others. Others.
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I also worry that it makes others feel “less than” because if you’re like me it’s easy to compare everyone else and it starts to be hard on yourself because you’re not doing what everyone else is doing.
And that’s not what I’m looking for for this blog. I want it to be a place of encouragement and inspiration!
However, I recently received an email from a reader who had questions about saving money, and was reminded over and over again that even though he saves, he sometimes needs encouragement to save, stick to a budget, and that all sacrifices are worth it. and hard work. It will be worth it in the end.
And basically, I realized that I was doing everyone a disservice by avoiding sharing our personal financial history.
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Because one of the things that keeps me motivated to save and pay off our debt is hearing other people’s stories.
It’s so inspiring to hear them talk about the crazy things they did to get out of debt. And the debt-free approach now allows them to do things they couldn’t do before or give seriously in ways they couldn’t before.
So, I’ve finally decided it’s time to share our more personal financial journey with you. Although it may be very different from ours, I sincerely hope that I have inspired and encouraged you on your own financial journey!
One crazy thing is we bought a house 6 months ago. After we got married. It didn’t seem crazy at first, but the thing is, the house cost $90,000 and we borrowed the entire amount.
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Plus, the fix is top notch, so we know we’ll be putting in a lot of money over the next few years upgrading. It’s definitely not something I would recommend, but after receiving many recommendations from others, we felt it was the right choice for us.
And by the grace of God and a lot of hard work, we were able to pay off our loan in full after 5 years, which means we are debt free homeowners at the age of 31.
I’m not going to lie and say our lives suddenly changed and we were happier when we were debt free; Because it wasn’t. Life is still alive.
However, there is a great sense of freedom that comes from knowing that we owe nothing to anyone.
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And it’s important to be able to relax a little, to feel like we can be more generous, and to know that we can achieve other dreams, like going to school after my husband.
What did we do to help pay off the $90,000 loan in 5 years, other than the many renovations?
Of course there are many things to consider, but here are 10 things that come off the top of my head.
We live in an area where land is very expensive, so this is a very cheap option and we can get a nice house with a smaller garden than we have.
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Sometimes living there with 3 kids is a bit difficult, but it is definitely possible!
My husband is like Mr. Fix it, so this works for us because it means we can do more work on our own. We also have time for family and friends to participate in small projects like painting and replacing ceilings.
But I will be true. It feels like a big job because I don’t like that kind of work.
It also took up most of my husband’s free time for the first two years of our marriage, which was definitely a downside and often felt like a huge sacrifice. We did it in the end because we knew the long-term benefits would be worth it.
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We do not own a car older than 9 years. Most of them don’t look scary.
, but they don’t look amazing either. In fact, my husband jokes that their ugly appearance is a good way to keep them from getting stolen.
Although we buy old and used cars, we try to be selective in what we buy and look for one or two owner cars, from reputable dealers, etc.
I know that doesn’t mean you don’t always get lemons, but so far we’ve been blessed with a good vehicle and saved a bundle in the process.
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We both got degrees at the small college where we met and fell in love. We got married shortly after graduation and I think I was too much so I was a stay at home mom when we had kids and we hoped to start from there. Having a baby soon, I don’t see any reason to get more education at this point.
I have been working as a pharmacy technician for about 7 years, so I continued that job until our son was born 20 months later.
My husband wants to continue his education, but he is not sure at what level to continue his education. Rather than going to college without a plan, we thought it would be wiser to wait until I was clear about my direction.
So, we chose to extend all of college by a few years. He then received a bachelor’s degree, a master’s degree, and now a Ph.D.
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Both of us have always been blessed with busy jobs. Until our son was born, I worked 3 days a week and often worked overtime because he was always available.
My husband has a well-paying job in construction, often putting in extra hours so he has more mortgage payments.
We worked a lot of odd jobs to earn extra money and then put it towards our loan. At one point we were paid to clean the church every week! Of course it’s not our favorite job, but hey, it helps!
Shortly after our first child was born and I became a stay-at-home mom, I discovered the art of coupons and deals.
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In addition to using paper coupons, I started using apps like Ibotta and Fetch Rewards to save more money on groceries, including fruits and vegetables.
It took a while to do this, but I felt it was an easy way for us to “make money” while still staying at home.
I can save at least $200 or more on groceries every month by using coupons and shopping sales. Of course, he spent a good amount
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