I recently read a post on MSN money about a coupe who were mortgage free by their mid-30s. Here are some of the tactics they used to pay off their mortgage quickly:
- Buy cheap! Their first house was a bungalow and was 50,000. Now – I live in the GTA, and there’s no way you’d get anything at all around here for that kind of money, but there are parts of the country where you could pick up something for the low 100,000s.
- Buy when the market is depressed.
- Do your own renovations. You have to have the skill and the willingness to do this. Mr Canuck Buck and I have paid people to do things for us – we do not have the skills or the willingness to do home renovations. . We have done basic things (replace a toilet seal, paint a room) ourselves.
- Put every penny you can spare towards the mortgage. Try to double up on payments, and put money down each year in a lump sum.
- Sell at a profit
- Put down as big a down payment as possible
Some of these things are more realistic than others. You can’t control the house prices where you live or how the market is. But you can control what you’re willing to spend, and how much extra you can try to put towards the mortgage. My husband and I followed some of these tips, which helped us pay off our first mortgage in less than 5 years.
What do you do or what would you do to help pay off your mortgage faster?