
STEP SIX:
Pay Off Home Early
There's only one more debt
standing in the way of freedom from all debt—paying off the mortgage. Baby Step
6 is the big one! Can you imagine life with no house payment?
Any extra money you can put
toward the mortgage will result in tens of thousands of dollars of interest
saved and months (or even years) of not having a payment hanging over your
head. If you currently have an adjustable rate mortgage, interest only, or even
a 30-year mortgage, consider refinancing to a 15-year fixed-rate mortgage and
pay off your home faster. It takes the average family five to seven years to
pay their home off early. This journey to debt freedom is a marathon. Stay
focused and intense, and keep a steady pace. And don't forget to celebrate each
little victory along the way.
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