Homeowners: How to Pay Off Your Mortgage Faster

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Licensing info: Jennifer Beeston, SVP Mortgage Lending NMLS 247743 at Guaranteed Rate, Inc. NMLS 2611 Branch Address: 1750 N University Drive, Coral Springs, Florida, 33071 Equal Housing Lender
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Timestamps:
0:00 Lot of Misinformation on the Internet
0:30 Refinancing Isn't the Solution...
1:15 You Always Can Pay it Off Faster.
1:50 Mortgage Math!
2:40 Make Sure it Goes Toward Principal.
3:50 Bi-Weekly Payments
5:15 Set It Up Bi-Weekly, Then Begin!
5:45 Refinancing, Understanding Value
7:00 Mortgage Calculators
7:40 Huge Payments to Decrease General Payment, Recasting A Loan
8:30 Recasting Isn't Guaranteed, Once More, Call Your lender
9:10 How I Decreased My Payment
9:50 $10 Can Make A Difference
10:00 Thanks for Watching!!
#HomeFinance #moneysavingtips #financialfreedom #debtfreejourney #mortgagetips

[@JenniferBeeston]

This Mortgage Payoff Calculator is easy to play with and can give you some solid numbers www.rate.com/mortgage-calculators/should-i-make-extra-payments-calculator

[@Baddawg_313]

Thank you!! Again lol. For the 156th time 😂

[@billfunk3168]

Jennifer I paid off two homes with this plan. I paid one extra principal payment per year. If you had a $1200 payment you paid an extra $100 per month that took a 30 year mortgage down to 18.

[@1331RECIPROCITY]

3:37...time not sure if you mint 2 say put the extra payment towards interest. When you mint 2 say put the extra money towards. Principal.. I'm not being a cynical beeotch. Just trying to help you in the event your tired from holiday season.... and I could be misunderstanding your terms all together... but all I remember from 2 years of homebuyer 101 pay down Principal...? Merry Christmas and happy new year. Thank you for being a nice classy lady. And teaching facts not conjecture and bullshit....good job you get a gold star.

[@JenniferBeeston]

You want the extra money to go towards principal:) You have to specify this. Merry Christmas to you as well and I hope you have a great 2024. Thank you for supporting the channel this year:)

[@JayJay-me8zk]

I did this with a car loan years ago. Made a big difference in paying it off early. Definitely going to do it on my home loan as well (buying first home in 2024). 😊

[@ericjuli6576]

Great info, so glad HELOC was never mentioned lol.

[@JenniferBeeston]

Yeah the heloc play to pay down a mortgage faster I have never seen work out for anyone.

[@ABCEasyas--]

Your advice is exactly what I typically do. Pay a little extra principal each month except if it’s a tough month.

[@teoniaselleaze3123]

Your videos/information is always a fresh breath of air for someone like me who is jumping in the process of buying a home for the first time. It eases my anxiety. Thank you!

[@justinelliott2000]

I’m doing biweekly payments confirmed with the bank! After each payment and I see it post I make an additional principal payment of the balance within the last three digits! For example, if the remaining balance is $300,129, I make an extra principal payment of $29. Always love your content.

[@PublicEn3my1]

This woman is absolutely amazing, smart and beautiful! Keep doing what you are doing

[@JenniferBeeston]

Thank you!

[@maheeinfy13]

Great video. Quick question: What's the best day in a month to do the extra payment? 1) Same day as normal monthly payment 2) Day after normal monthly payment 3) Day before normal monthly payment 4) It doesn't matter

[@victorychang1294]

Hi Jennifer, Thank you for sharing your knowledge on this platform. I closed on my first home last month and your videos have helped me understand the home buying process.

[@JenniferBeeston]

Happy to help and congrats on your new home!!:)❤️🏡🎉 That is a huge milestone. Congrats!!!

[@ZER0_G]

I feel smarter and more prepared yet again. It's a good feeling. Thanks for the rundown!

[@HazemSaleh]

You are the best. Great content as always.

[@JenniferBeeston]

Thank you!

[@chuckmaddison2924]

I took out a 25-year variable 17 years ago and paid out about 4 years ago. I paid every 2 weeks to give extra payment. Then as the interest rate collapsed i kept paying high rate. Any extra payments from my company, like bonus, back pay and so on automatically was put on mortgage by bank. I was also able to save and 2 years ago bought a second house for cash. I dont waste money buying cars to impress the neighbours.

[@JenniferBeeston]

Nice!

[@KarawithaK]

I love your channel and I appreciate your advice! We closed on our house late November and of course are hoping to refi next year. Do you have any insights on what you think interest rates for VA may drop two in 2024 and how many points difference is it worth refinancing when that time comes? Thank you so much and happy new year!

[@mikeobrien4437]

With a VA new loan around 4.675 we made a nice chunk toward principle after our first payment. The loan company did not use about 8K that we said we wanted to put toward down payment. Sure they looked at the long term value to them. We will also put more toward principle in the future. Noticed although the payment monthly is the same ..more will go now to principle. Doubt rates will be low enough in the future to re fi.

[@JenniferBeeston]

Putting more towards principal will not reduce the monthly payment amount however, it will reduce how many years it takes to pay off the loan. The only way you could ever reduce the monthly payment amount would be if you did a huge lump and ask for the loan to be recasted, which you cannot do with VA. It is awesome you are paying extra all the time. It will help you get rid of the loan faster

[@noe6499]

I appreciate the information 😊

[@JenniferBeeston]

Hope you had a good xmas Noe:)

[@noe6499]

@@JenniferBeeston Thank you. I hope you and your team did as well 😊

[@user-ik7pr7ei2u]

Great video as always Ms Beeston. However, see around the 2:50 mark, you mentioned twice that extra payments should be applied to interest instead of principal as you stated later on :-)

[@JenniferBeeston]

Thank you and good catch. 100% pay towards principal and not interest. Slight brain glitch at that moment clearly.

[@RobertoMartinez-my8ob]

We all love learning from you amiga !! @@JenniferBeeston Looking forward to more videos !

[@Peter_Wang]

The devil is in the Amortization details ... can you do a video on that sometime? It will be eye-opening to many.

[@dorothyzabriskie7513]

I paid two payments double the amount due and mailed to mortgage lender. I put a note with each check mailed to apply the extra to the interest…. Well guess what both times they did not apply as I requested each time to the interest. Ughhh …. Then my husband saw on the statement no payment due on the two different months that I doubled the payment and I guess he was yippee I don’t have to make these 2 payments. I was furious with our mortgage lender and furious with my husband. I am going to look into paying online and hopefully they will have a option for a payment to be applied to interest only. Wish me luck….

[@JenniferBeeston]

You want the money to be applied to the principal. That is how you will reduce your mortgage faster. That is frustrating when it just screws up your payment cycle

[@tucoramirez9729]

I just made a $5800 principle payment on my mortgage today,,I'm down to $60 grand owed,,I'm so very happy

[@JenniferBeeston]

That's Awesome!!:)

[@tucoramirez9729]

@@JenniferBeeston thankyou verymuch

[@MrDark21knight]

I'm overpaying my mortgage. Triple payments

[@JenniferBeeston]

Nice!

[@TheItachai]

Ah, another Jen in your face video spitting fudging facts! People please listen, I have to follow this plan of yours!

[@JenniferBeeston]

Thank you!

[@TMKJG24]

Im the queen of paying things off early if i could only get to the house 😂😂😂😂

[@michaelleahy6848]

Can I make a principal chunk payment at the loan beginning to wipe out PMI? Is 80% based on appraisal value or loan amount?

[@JenniferBeeston]

Depends on the loan type you are in. The first two years it is based on the loan amount for conventional loans. FHA MI is for the life of the loan unless you do 10% down.

[@earlthomas7464]

Jennifer, I was always told that the extra money was supposed to go to the principal and not interest? What's the difference?

[@JenniferBeeston]

It is supposed to go to the principal but you have to specify that when you pay extra

[@gigiunderwood3630]

No… you want the extra payment to go to principal not interest

[@JenniferBeeston]

I said principal in the video:)

[@dfiant5846]

Hey Jenn, Are you licensed in Delaware?

[@JenniferBeeston]

Yes I am 707-478-0637

[@dfiant5846]

@@JenniferBeeston great thank you