The number one question I am asked in regards to debt-free living is “how did you pay off your mortgage?”. Paying off our mortgage was not done over night nor was it an easy task. We felt led by the Lord that having the financial burden of a mortgage was not inline with God’s word. Once those convictions were laid upon our hearts it became a matter of creating and sticking to a plan. With a lot of prayer and commitment owning your own home and living without a mortgage is something achievable by anyone.
I cannot tell you how liberating it is to know that no one can take away our home. We are not in bondage to a monthly house payment. We do not live in fear of some unforeseen situation that could arise preventing us from having the money to pay our mortgage. I never sat around worrying about these things, but they were always in the back of my mind. The current economy is not exactly conducive to job security and that is what finally prompted us to remain vigilant in paying off our mortgage.
When I was growing up I was taught that having a car payment and a mortgage was an acceptable way to establish good credit . As a young adult it never crossed my mind that we should not have either. In our marriage we never accrued more debt than one vehicle and a mortgage. Once the Lord started revealing to us what His word stated about debt, we knew we had to remove these two loans as well.
We created a plan for eliminating our mortgage by implementing all the techniques I have stated in previous posts. I worked really hard to create a reverse income, to remove disposable products from our home, to improve our health, and tried not to pay for services I could do myself. By implementing these simple techniques we were able to generate additional money to pay off our mortgage.
The key elements we remained committed to during our debt eradication was to always pay God first, our savings second and our other bills last. We have never been short for paying any of our bills and we’ve always had the things we needed. I explained our tithing methods in a previous post which you may find beneficial in regards to how to pay God first.
Our mortgage was well over $100,000 and we paid it off in 7 1/2 years. We look back on it now and know we could have done it quicker if we had just implemented our plan sooner and remained committed. We are currently adhering to a similar plan as we are hoping to pay cash for a farm. We are now wiser in regards to money and can see how wonderful the fruit of our efforts can be, especially when God is leading the way.
We decided we would pay over on our mortgage a minimum of $200 a month. There were times when we had a surplus of funds which allowed us to pay more, and on a few occasions we even made double payments. It is very important to make sure your mortgage does not have any early pay-off penalties.
My husband and I also prayed about a set savings plan. We knew it was important to have a sizable savings for emergencies, and wanted to insure we had the funds should one arise. When we revealed to each other the amount the Lord had laid on each of our hearts we were shocked to find it was the same amount. We instantly knew this was God’s plan for our family! Our savings plan was very strict and stretched us to our dedication limits, but we were devoted to eliminating our mortgage as quickly as possible.
Many will tell you to throw huge sums into paying off your mortgage, we just didn’t feel that was a wise choice to make. I had concerns about emergencies and felt it was more prudent to put our extra money into savings. When our pay-off amount for our mortgage matched our savings account we paid our mortgage in full. What a joyous occasion!
Eliminating debt is really not that difficult. With Christ we can do all things (Philippians 4:13), and that certainly includes finding the strength and determination to be indebted to no man (Romans 13:8). I encourage you to pray about your finances and to evaluate if you are honoring Christ in your spending habits. Are there ways you could reduce your spending to pay off your debt? Living a life without a mortgage begins with Christ and ends with commitment.
P.S. Are you living a mortgage free life? I love to read your comments, please share the steps you used to pay off your mortgage.
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