Excerpt. © Reprinted by permission. All rights reserved.
You achieve the debt-free feeling over several years and through some sacrifices. This book is not about a get-rich-quick-and-easy scheme. This book is about a get-much-better-off-over-time plan. Sacrifices bring positive reinforcement each week, every month, and especially when writing the last check to pay off the mortgage.
I believe any couple or individual in America is capable of paying off the mortgage in just a few years. Please remember, when you buy a house, the bank usually owns more of the house than you, for many years. This book shows you how to fulfill the American dream of owning your home-outright.
Kathy and I purcha[DAS1]sed our second home for $289,000 and paid off the mortgage in twenty-three months. That's right, less than two years. How? First, using our 100 percent equity from paying off the mortgage early on our first house to help get a relatively small mortgage ($50,000) for our second home. And second-the way to pay off both mortgages early-make large "extra to principal" (ETP) payments every month. But how were we able to make large ETP payments every month? More important, how will you be able to make large ETP payments every month? Use the specific strategies and tactics Kathy and I used to truly own our home. This is real life.
I approach owning a home as winning a war against the mortgage: an all-out, coordinated effort to pay off the mortgage decades or many years ahead of schedule. Mortgage victory! The strategies relate to the overall plan: the objectives, mortgage goal, and ultimate goal. The tactics relate to winning individual battles, such as getting the smallest mortgage, the best mortgage rate, and the money for making big ETP payments by reducing expenses and reducing spending day-to-day, week-to-week, and month-to-month. In addition, I emphasize the importance of maintaining an adequate amount of readily available money (liquid assets) for unexpected needs and planning for retirement.
The strategies and tactics necessary for mortgage victory are universal and benefit everybody. Purchasing your first house? In your home for a few or many years? Perhaps it's tough just making the next mortgage (or rent) payment or saving enough money for a down payment. Or, you can't work enough to get ends to meet: working and working to pay for your spending and spending. Control and reduce expenses and spending and the ends become closer and easier to meet. People have habits, personalities, and philosophies that help or hinder the war on the mortgage. Variables, such as differences in state income and property taxes, and the prices of goods and services in various states, do not matter. Carry out the strategies and tactics discussed in this book and you'll be much better off than if you (and people with similar circumstances) didn't use the plan.
The book reflects the gravity of the topic-war. Recommendations are written like orders. Total commitment is necessary for victory!
Fighting and winning the mortgage war is fun. And, when you win all the battles, the ultimate victory is fabulous. You forget about making monthly mortgage payments, take for granted you own your home outright and have no debt, and enjoy the benefits of your accomplishment.
