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Financial planning is often overlooked in the process of buying a home or refinancing. A typical plan is to get a home loan that extends payments as much as possible, delays the principal reduction, or uses a home like an ATM machine. Today, a financially practical approach is to consider a home as a long term place to live, while planning a time to pay off the mortgage.

When shopping for home loans, most people will take the path of low payment over a plan to eventually be mortgage free. The idea of owning a home free and clear of any mortgage may be a far off concept to many people, but it’s only a matter of time, 15 years, or maybe even less.

A 15 year fixed rate mortgage can provide a realistic goal of being mortgage free, while saving thousands of dollars on interest payments, instead of a 30 year mortgage. For example, on a $200,000 loan, a 15 year mortgage could save as much as $120,000 over the life of the loan when compared to a 30 year mortgage term.

There has been an ongoing debate about the pros and cons of paying off a mortgage. Behind the argument for not paying off your mortgage is the reasoning that you could invest the extra money and earn a higher return, while keeping your money more liquid. That may have been a good reason in the past, but the rate of return on investing is questionable, compared to the fact that every dollar paid to reduce a mortgage balance provides a guaranteed return equal to the interest rate on the mortgage.

Another debating point about keeping a mortgage has been the tax deduction benefit. In order to get an accurate picture of the tax benefit, compare the standard deduction allowed to itemized deductions with mortgage interest. If you paid $20,000 in mortgage interest for the year and received a $2,000 net tax write off, is that a good reason to prolong your mortgage?

What are the benefits of a 15 year mortgage?

• Provides a fixed term strategy to eliminate your monthly mortgage expense.
• Incorporates the retirement of your mortgage into your overall retirement plan.
• Long term investment that guarantees a rate of return by reducing your debt.
• A future with less financial stress and the security of really owning your home.
• Saving a large amount of interest expense on a 15 year term instead of 30 years.

The goal of living without a mortgage payment is attainable. If you can afford a 15 year mortgage, you set a timetable to one day enjoy the benefits owning your home free and clear. You also have the option of shaving a few years off the term by paying a little extra towards the principal balance each month. By the way, 15 year mortgage rates are usually lower than 30 year rates.

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One of the biggest problems that people face today is debt. There are millions of common people who work everyday, but just can’t seem to catch up on their bills.

Being in debt feels like a heavy burden that can be hard to shake. There are many options available for those that feel they have no other way out. This option is called America debt consolidation. The way it works is fairly simple and quite effective. Basically, a reputable debt relief service will contact creditors in order to negotiate a payment plan that is set up to be reasonable according to your income earnings.

Since most late accounts have interest and late fees added to it on a regular basis, it can be hard for a person to wipe their slate clean. What is good about debt consolidation is that they usually can talk the creditor into relieving a certain percentage of the interest fees.

In some cases, the entire amount of late fees is wiped clean. This will allow you to be able to make reasonable payments that aren’t too high. Sometimes, bills from different collecting agencies can be added together to form one payment. Not only does this help in paying the debt off faster, but it also will show that you owe zero on your credit report. This is a good thing when you are trying to apply for an apartment or lease a car. Even though your past history will remain on your report, it will not be as obvious to companies who check it to see if you qualify for certain programs such as leasing a car.

There are many reputable options for finding a service that can help alleviate debt. Choosing the one with the lowest rates and best reputation is a good start for finding a good company that specializes in situations like this. No one should have to feel buried with past payments and late fees. Consolidating your bills is the key to wiping your slate clean and getting a fresh start.

In a nutshell, by researching and then comparing different debit consolidation agencies, borrowers are able to determine the agency that meet your financial situation properly, moreover, besides the cheapest interest rate available on the debit consolidation market. However, it’s advisable working with a trusted and reliable debt counselor before a conclusion is made, this way you save time through seasoned advise & cash by obtaining the best results in a short span of time.

H. Milla is editor of the <a href="http://www.governmentdebtconsolidationloan.net">Government Debt Consolidation Loans website – visit and see his best rated debit consolidation company recommendation.

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