How to Pay Off Your Mortgage Early - 4 FAST Methods
Vložit
- čas přidán 19. 06. 2024
- 🚨 💵 Get Webull (20 FREE Stocks) ➡️ bit.ly/38H0c4t
Click "show more" for ad disclosure
🏠 Stay at my cabin: bit.ly/4aF2k7U
Credit Shifu Wallets: bit.ly/2wG0Glo
“The content in this video is accurate as of the posting date. Some of the offers may no longer be available.”
Advertiser Disclosure: This site is part of an affiliate sales network and receives
compensation for sending traffic to partner sites, such as CreditCards.com. This
compensation may impact how and where links appear on this site. This site does not
include all financial companies or all available financial offers.
My best advice: live below your means and stick to your goals. I was approved for a 900k mortgage at 32, but I went with a smaller one instead - $525k. I invested, saved and paid extra on my monthly payments. Four years later, I'm about to pay off my mortgage in a week from today.
I skipped the fancy cars, clothes, watches and vacations and instead opted to invest in my future. Now, at 36, I'm ready to significantly boost my investments and start enjoying life a bit more.
Me who has no mortgage watching this video because Ben posted it
Ssame😂
knowledge for the future...
me who searched up how to pay mortgage off early and clicked on this video thinking it was months old but it was actually posted 2 hours ago
Same
Paid off my house in 8 years w roommates and side jobs. I know financially it was never the best decision... But psychologically I could not have been happier w the decision.
Don't pay property taxes on your paid off home and see how quickly Uncle Sam takes it away from you.
very true, although a property tax payment (spread out monthly) is way less than a mortgage, so less risk
Don't pay rent on your rented home and see how quickly Uncle Landlord put you on the street.
Excellent info credit warrior love this one! Thank you Ben! 👍
Thanks a lot! amazing information!
…word up! Dawg!
I really appreciate the recognition that everyone is different and not trying to force a particular 'solution' on us. I agree that for some (me) there is a huge value in knowing that you are closer to being fully paid off. I know one person with at least 5 rental properties here in London (so at least a million pounds but probably a few times that) and large, interest-only mortgages. I don't think that I'd be able to sleep with the risk and complexity that involves.
The video (and the should you pay it off in the first place video) still gave even risk-adverse me some insight into how I should go forward with my finances - so thank you!
You really went in on the Dave Ramsey train. I did as well for a while and he helped me get through my student loans. I was debt free before getting married. While paying early would be nice, it isn’t really in the cards for us right now.
The more lump sum you put, the less effective. But there's no price tag in peace of mind. I apply prepayments on principal balance no matter what.
Velocity banking /s
Just invest in index funds, and make regular payments on the house.
Please elaborate a bit more
@@sspringss2727 dont pay off your mortgage, but invest SNP 500 index funds or Total Stock Market index funds. Dont look for the needles in the haystack, but the whole haystack! And see how your money grow. As JOHN BOGLE said, when you open your statement as you are ready to retire, have a cardiologist at hand! Because you will have so much money!
Always thought you lived in Canada. 🤣
How about recasting?
Well that is if you want to lower your monthly payment after a lump sum payment, doesn't shorten your term. But yeah could be a useful tool if you want a lower monthly payment
No Mention of Velocity Banking ???
- taking a chunk of the mortgage use a CC balance transfer offer/check for 3% up front for 18 months.....your extra cash per month over 18 months could be a lump sum today....so your $100 per month you said....$1800 lump sum + $54 (3%) = $1854...this moves your amortized payment into the future TODAY now next year. then you pay off the 1854 balance to your CC company with only $54 added for interest and remember is 18 months so it's less than 3%APR when you are paying 4.5%AMORTIZED interest...or many people are paying higher interest
Stop the BS. Please
@@Method2DaMadness I don't understand what you are calling bs? This is one method of paying down loans including a mortgage....I have personally used it on student loans, cars, and my own mortgage..... So, I don't understand on what you are calling bs... With this method, you move further down the amortization schedule in time.... The payment balance b/t principle and interest changes..... There is an instant increase in the amount paid to principle instead of interest.....
Thank for the content. People assume the stock market will perform the same over the next 50 years as the prior 50 years but may not be the case. This is guarenteed returns.
Wow Ben, your mortgage is only $900? With a 4.5% interest rate? Imagine when you refinanced to the 2.75-3% rate...would be so much lower
Yeah I should have refi'ed back in 2021, big mistake
@@TheCreditShifu but $900 is great! I'm paying $1700 here in California with a 2.75%
No need to pay off your mortgage unless you are max funding all retirement accounts and then some and have a low interest rate. Hate when ppl advise doing this.
He did say at the beginning that it usually doesn't make sense mathematically. But life is more than math. No risk of forclosure, greater monthly cash flow, and simplifying your life are all good reasons to pay off a mortgage early.