One of the single largest financial purchases a person makes in a lifetime is that of a home. More often than not, a home mortgage is required to fund the purchase. But how many people have felt drained financially and mentally due to the cancerous way in which mortgages are paid off? The mortgage and banking industry has prolifically slammed the unsuspecting public with a  30-year fixed amortized mortgage. This inordinately expensive mortgage is a financial cancer akin to the cigarette industry offering cigarettes. 

Prospective homebuyers have felt that there is no other option but to become financially beholden to the big banks and lenders. The mortgage industry has heard the cries of indebted homeowners. A mortgage need no longer be looked at with fear. Instead Affiliated Mortgage hopes to show homeowners that a mortgage is a key that doesn’t have to double as a burden. 

These three steps can put financial freedom back in your hands by paying off a mortgage in seven years or less. 

  1. Decide What Your Goals Are 

Before your mortgage options can be explored in-depth, you need to a lucid picture of your financial trajectory. Take a look at where you were five years ago. What kind of expectations did you have than? Did you plan on certain things to happen by now? If they didn’t happen, do you have the willingness to make changes to reach those goals? 

Goal setting is important because it forces you to reflect on your financial goals and the realistic outcomes. Imagine where you’d like to be in 5 years. What would you like to accomplish and how will you do so? 

Two of the most common financial goals are to start a college fund and establish an emergency fund. Now that you have some goals in mind, what would it take to reach those goals? Keep in mind that your household income will probably remain constant. 

Are there current investment options or debt elimination options, which can help you reach those goals? 

  1. Create A Budget 

The next step in paying off your mortgage in a timely manner is to look at your current spending habits and create a budget. 

Consult with a financial advisor, a coach, or undertake the task of creating your own budget. Create a list of all your expenses and how much you expect to spend in the coming years. What major expenses pose the biggest financial hurtle? 

When it comes to our money, a professional opinion is vital. A financial slip-up could end up costing you thousands. Using a coach or consulting with a financial advisor will safeguard against any costly blunders. 

Before seeking a mortgage use a mortgage calculator to ascertain what mortgage is right for you and how much it’s cost. 

  1. Get a financial review and analysis 

Think of a financial review and analysis as a surgical review on your situation. What kind of mortgage are you in now? Are you a first-time homebuyer? Are you in an ARM loan and now may need to switch to a fixed rate loan? Be as meticulous as a doctor in assessing your financial situation.

Take stock of your financial picture and your current budget. Your income, expenses, current debt, short-term and long-term goals should factor greatly into the financial review and analysis. 

To determine how quickly you can pay off your current debts and mortgage (or how fast you can pay off your first home, if you’re a first-timer), a financial “snapshot” or review must be completed. Taking a look at your entire picture of income, debts, and how it relates to your goals, is the crucial step, in determining how best you should start your plan. 

Affiliated Mortgage will help create a payment plan that works for you. Whether it’s a VA, FHA, ARM, or fixed rate loan, Affiliated Mortgage and its team of loan officers will find a loan that suits you and your family. 

For more information on how you can be debt-free and pay off your home mortgage in as little as 7 years, get in touch with the mortgage lenders of Affiliated Mortgage. Affiliated Mortgage loan officers can assist clients secure excellent refinance options, VA loans, and other mortgages.

One of the single largest financial purchases a person makes in a lifetime is that of a home. More often than not, a home mortgage is required to fund the purchase. But how many people have felt drained financially and mentally due to the cancerous way in which mortgages are paid off? The mortgage and banking industry has prolifically slammed the unsuspecting public with a  30-year fixed amortized mortgage. This inordinately expensive mortgage is a financial cancer akin to the cigarette industry offering cigarettes. 

Prospective homebuyers have felt that there is no other option but to become financially beholden to the big banks and lenders. The mortgage industry has heard the cries of indebted homeowners. A mortgage need no longer be looked at with fear. Instead Affiliated Mortgage hopes to show homeowners that a mortgage is a key that doesn’t have to double as a burden. 

These three steps can put financial freedom back in your hands by paying off a mortgage in seven years or less. 

  1. Decide What Your Goals Are 

Before your mortgage options can be explored in-depth, you need to a lucid picture of your financial trajectory. Take a look at where you were five years ago. What kind of expectations did you have than? Did you plan on certain things to happen by now? If they didn’t happen, do you have the willingness to make changes to reach those goals? 

Goal setting is important because it forces you to reflect on your financial goals and the realistic outcomes. Imagine where you’d like to be in 5 years. What would you like to accomplish and how will you do so? 

Two of the most common financial goals are to start a college fund and establish an emergency fund. Now that you have some goals in mind, what would it take to reach those goals? Keep in mind that your household income will probably remain constant. 

Are there current investment options or debt elimination options, which can help you reach those goals? 

  1. Create A Budget 

The next step in paying off your mortgage in a timely manner is to look at your current spending habits and create a budget. 

Consult with a financial advisor, a coach, or undertake the task of creating your own budget. Create a list of all your expenses and how much you expect to spend in the coming years. What major expenses pose the biggest financial hurtle? 

When it comes to our money, a professional opinion is vital. A financial slip-up could end up costing you thousands. Using a coach or consulting with a financial advisor will safeguard against any costly blunders. 

Before seeking a mortgage use a mortgage calculator to ascertain what mortgage is right for you and how much it’s cost. 

  1. Get a financial review and analysis 

Think of a financial review and analysis as a surgical review on your situation. What kind of mortgage are you in now? Are you a first-time homebuyer? Are you in an ARM loan and now may need to switch to a fixed rate loan? Be as meticulous as a doctor in assessing your financial situation.

Take stock of your financial picture and your current budget. Your income, expenses, current debt, short-term and long-term goals should factor greatly into the financial review and analysis. 

To determine how quickly you can pay off your current debts and mortgage (or how fast you can pay off your first home, if you’re a first-timer), a financial “snapshot” or review must be completed. Taking a look at your entire picture of income, debts, and how it relates to your goals, is the crucial step, in determining how best you should start your plan. 

Affiliated Mortgage will help create a payment plan that works for you. Whether it’s a VA, FHA, ARM, or fixed rate loan, Affiliated Mortgage and its team of loan officers will find a loan that suits you and your family. 

For more information on how you can be debt-free and pay off your home mortgage in as little as 7 years, get in touch with the mortgage lenders of Affiliated Mortgage. Affiliated Mortgage loan officers can assist clients secure excellent refinance options, VA loans, and other mortgages.

A Little About Affiliated Mortgage

By simplifying the mortgage process and providing clients with high quality home loans, Affiliated Mortgage strives to build unified and lasting communities. For over 30 years we’ve been supplying residents of South Dakota (Rated as top quality lenders Rapid City), North Dakota, Wisconsin, Wyoming, Colorado, and Arizona with low mortgage rates that enable them to achieve the milestone of owning or refinancing their own home.  We are headquartered in Rapid City, SD and we are the top mortgage loan provider to a variety of surrounding cities including, Ellsworth Air-force Base, Box Elder, The Black Hills, Ashland Heights, Rapid Valley, Black Hawk, Piedmont, Sturgis, Deadwood, Lead, Keystone, and Belle Fourche.  We also have a trusted presence in Sioux Falls, SDSpearfish, SD,Pierre, SD, Fargo, NDBismarck, NDCasper, WYGillette, WYCheyenne, WYDenver, CO, and Phoenix, AZ. Our trusted reputation is built on our sincere resolve to build relationships of trust, respect, and accountability. Our chief goal is to provide clients with the best loans possible so that we can welcome them into our communities. If you are looking for the best mortgage companies near you, Affiliated Mortgage is your answer.

A Little About Affiliated Mortgage

By simplifying the mortgage process and providing clients with high quality home loans, Affiliated Mortgage strives to build unified and lasting communities. For over 30 years we’ve been supplying residents of South Dakota (Rated as top quality lenders Rapid City), North Dakota, Wisconsin, Wyoming, Colorado, and Arizona with low mortgage rates that enable them to achieve the milestone of owning or refinancing their own home.  We are headquartered in Rapid City, SD and we are the top mortgage loan provider to a variety of surrounding cities including, Ellsworth Air-force Base, Box Elder, The Black Hills, Ashland Heights, Rapid Valley, Black Hawk, Piedmont, Sturgis, Deadwood, Lead, Keystone, and Belle Fourche.  We also have a trusted presence in Sioux Falls, SDSpearfish, SD,Pierre, SD, Fargo, NDBismarck, NDCasper, WYGillette, WYCheyenne, WYDenver, CO, and Phoenix, AZ. Our trusted reputation is built on our sincere resolve to build relationships of trust, respect, and accountability. Our chief goal is to provide clients with the best loans possible so that we can welcome them into our communities. If you are looking for the best mortgage companies near you, Affiliated Mortgage is your answer.

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