• Paying off your home mortgage can be challenging but rewarding.house image by Cora Reed from Fotolia.com
  
  Paying off a mortgage is never an easy task. There are many benefits to the credit system but there are frustrations as well, especially when one feels “locked in” to the long terms of a mortgage. If you're ready to just pay off your mortgage and get it out of the way, there are a few hints and guidelines that may help you do this in the most efficient, cost effective manner.
  
  

Make it a Priority

• Skip the expensive weekly night out, or instead of going to a resort for a vacation try staying close to home. To pay it off early, you’ll want to be paying more monthly than necessary, and even the smallest amount extra will help. Take into account interest as well. Figure out a time line and budget for that time line.
  
  

Live Like You're Broke

• The more bills you have to pay, the harder it’s going to be to pay it off early. If you don’t need a new car, don’t buy one, and if you need one look at the least expensive options. Paying $500 a month for your car is going to seriously hinder your budget. Don’t purchase new furniture if you don’t have to, and don’t count out refurbishing older furniture.
  
  

Raise Your Payments

• Don’t keep paying the same amount if you’re making more money. Go ahead and add an extra few hundred dollars to your monthly payments. When you receive a raise, adjust your budget accordingly. Remember, it will pay off in the long run. When you get a bonus, put a certain amount aside to add to the mortgage payment, as every little bit helps.
  
  

Be Diligent

• Paying off the mortgage can seem like a very daunting task. But think about the options it opens up once that extra $1,500 a month is available. Skipping a vacation here and there or fixing burgers at home instead of going out for them won’t seem so bad once you’re able to take your dream vacation or even retire early. While there may be times when the extra money you add to the mortgage payment may be needed for emergency expenses, don’t let little things deter you. Make it a habit of working a few extra hours a week or using your credit card for emergency expenses only.