I wanted to write in my blog today about people refinancing. Refinancing can save you a lot of money. But a lot of people like to go from a 30 year to a 15 year to a 10 year. Would I keep refinacing just to have the term lowered? Probably not. Here's how I paid my mortgage off and got away from refinancing everytime the rates went down...
There is no secret formula. I just put every extra amount of cash I had into the principal of my home. I did that for about 4 years and that ended my mortgage. All my bonuses, raises, ect was put into the principal. I also shopped at the Dollar store and did most of my own cooking. Rarely would I eat out. I didn't do any improvements on my home. Now that I've finished paying the mortgage, I've got more money to put into remodelling my home. I started as soon as I finished with the mortgage and my home now shows like a model. Huge flat screen and all the toys to go along with it. When my other co-workers got bonuses, they were out getting flat screen tvs, new cars, iPods, ect. I never got any of that stuff until I had accomplished my goal.
Looking back, did I make the right decision? Well I look at some of my co-workers and they're going into foreclosure and moving back in with mom and dad. Me on the other had, i'm booking cruises, trips to Vegas, and i'm stress free! I absolutely made the right decision.
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