The key to paying off a house early is buying a house you can afford. Here are a few tips.
1. Location, Location, Location is key. My first house I bought we spent a long time shopping. We looked at trends, neighborhoods, school districts etc to make the best decision. In the end it paid off.
2. Do not buy the biggest house in the neighborhood or the most expensive. Buy towards the lower third of the neighborhood. This will give your home room to appreciate and have more equity.
3. Put at least 20% down it will avoid PMI (Private Mortgage Insurance). That way you can send more to principle.
4. Get a monitored alarm system it helps keep insurance premiums down once again sending more to principle.
5. Make sure you get a 15 year fixed rate mortgage only. That was covered in a previous post.
6. Get creative in sending extra money to pay off additional principle.
7. Imagine owning your house out right. What could you do if you did not have a mortgage payment? Dream big my friends and remember.
I will be your biggest cheerleader in this group. Tomorrow baby step 7 leaving a legacy. You don't want to miss it.
Here are more tips to pay off the house early. Here.
If you have questions don’t hesitate to ask here. Take charge of your money!
Your biggest cheerleader on social media,
P.S. Day 337 please pray for the 7.2 million goal for 2020