How to Pay off Your Mortgage Early! Proven Tips to Reduce Mortgage Debt.
Different strategies for how to pay off your mortgage early. We discuss some mortgage pay off strategies including bi-weekly payments and extra mortgage payments.paying off a loan on a home early can not only be a great feeling, it can save a lot of money over the team of the loan.
Bonus video: What happens when you make your last mortgage payment?
• What happens when you make your last mortg...
00:00 How to payoff your mortgage early
01:06 Call your mortgage company
02:18 Bi-weekly mortgage payments
03:05 Savings from bi-weekly mortgage payments
04:03 Additional principal mortgage payments
05:03 Extra annual mortgage payment
06:35 Extra quarterly mortgage payments
07:07 Pretend its a 15 year mortgage
08:25 Mortgage recasting
10:08 Mortgage loan payoff
11:27 The Grand Finale!
Todd and Oana talk about how to pay off your mortgage early and give tips and techniques to paying off a 30 year mortgage early. These techniques can also be applied to any other loans including car loans or student loans.
Some of the techniques include making bi-weekly mortgage payments, an extra mortgage payment each year, an extra payment each quarter, pretending the loan is a 15 year loan, recasting, or simply making a final payoff on the loan.
Despite historic low interest rates in the housing market, there are still many good reasons for paying off your mortgage early. The rule "any interest is bad interest" comes to mind. Additionally, Congress has removed many mortgage tax deductions for homeowners and continuing to pay even 4% interest is money better spent. Remember that the banks are loaning money to you for a mortgage because they are making money doing it, which means you are on the wrong end of the transaction.
Additionally, there is nothing better than paying off your mortgage, being debt free, and owning your home free and clear.