As it would take most people the greater part of their lives to save enough money to pay cash for a home, if not two lifetimes, since the average home of today sells anywhere between $250,000. and $500,000., it is evident that debt free home ownership must be attained as soon as possible, even if you have to borrow to do it.

Of course, the cheapest route is building the house yourself on a 'auto construction' loan, which is what I did with our second home. But most of us don't have the time or know how to physically construct your own home, and so are left with the option of buying a used home or a new one by borrowing long term.

Most people will only ever own a home through monthly payments, and although the immediate 20 to 30 year mortgage comes to their mind, the time-payment in purchasing a home no longer needs to take 20 to 30 years. There are strategies in home ownership loans or mortgages that dramatically reduce time and interest of mortgages, that the banks would much prefer you didn't know about.

Taking control of your mortgage is essential. You must approach your mortgage with a strict attitude of paying it off as soon as possible, if you don't want your life commited to 30 years of sometimes difficult to meet monthly payments. The key to taking control is an unwavering determination that you will, under no circumstances, let the banks get the best of you. The only way to do this is to use mathematical strategies, such as the infamous 'first day payment' strategy.

You can't blame the banks for wanting to make a lot of money on the consumer's back, because after all, that is why they're in business. But I find it totally ridiculous to buy a home for $200,000 and over a 25 to 30 year period, ending up costing almost double to triple because of the interest. Think of all that money you could have used for other things.

The "first day payment' strategy for example, on a one payment only for that first day, can save you up to 5 years in payments on a high interest loan.

The 'auto construction' loan for example, and if you don't mind living in boxes for a year and repeating the process for 3 to 4 years, will yield you enough money to buy your fourth or fifth home CASH. It all depends on your motivation.

There are many other mathematical formulas one can use to avoid being strapped for 20 to 30 years, such as the Split Payment Strategy, the Specified Principal Prepayment Method, the Planned Increase Payment Strategy, the Shorter Term Strategy, the Targeted Date Strategy, the First-Day Planned Increase Strategy, the First-Day Split Payment Strategy, and finally the Lower Interest Rate Strategy, all which will be revealed in upcoming articles. So be on the look-out and get your note pad ready!