Mortgage Free

Mortgage Free at a young age

Have you ever dreamed about the day when you will be mortgage free? Do you think it is possible to be mortgage free at a very young age? Well, “Sean Cooper, a 29-year-old pension analyst, is $130,000 away from paying off his $425,000 home in Toronto, without money from parents or the lotto.” Financial Post

In fact it could be more possible than not to be mortgage free at a younger age if you were to be very prudent in your spending and not purchasing a property way over your means. Also critical would be to take full advantage of the lenders lump sum payment privileges. Increasing your regular mortgage payments by the allowed percentage set by the lenders could help too. You may want to consider lowering your amortization down from 25 years, to the point where you are comfortable with making a larger monthly, or bi-weekly, or even weekly payments.

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mortgage free
Picture courtesy of the Financial Post