10 HACKS To Pay Your Mortgage Off Early

[@MalcolmLawsonREALTOR]

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[@Renbacktome]

I have a question for you. What of my husband and I pay 3,120 per month on our mortgage principle.

[@MalcolmLawsonREALTOR]

@@Renbacktome Use the calculator in the video description to see how quickly that would pay off your mortgage.

[@firesign4297]

🤗👍🏿👍🏿 What about ..ROUNDING OFF monthly mortgage payments ?

[@firesign4297]

@@Renbacktome if that's extra😳 You guys have it MADE!🤗👍🏿👍🏿

[@Thermohybrid]

I got a house with 3 bedrooms, 8 years ago, I took all the money from my 2 roommates and put it towards my principal, I paid off the house in 5 years. It sucked living with my wife and couple extra people sharing the kitchen and all the rest of the house.But now I have a 3 year old who runs all over the house, no more roomates, the extra rooms are now a playroom and an office. Don't give up on you dreams guys

[@sobeliever1638]

Good job!

[@hometech9537]

❤GREAT JOB 🎉 MY NEXT ROOMMATES I HAVE I WILL ENFORCE PAYMENT INSTEAD OF FORGIVENESS PAYMENTS

[@mariaticse1252]

Awesome 😎 🎉

[@Travlinmo]

I suggest similar to young employees buying a home but I get the distinct ‘yuck’ from these folks to having roommates.

[@Cinnamon5510]

@@Travlinmoty

[@Riggsnic_co]

I paid up all my mortgages in 2yrs while working with a Financial Adviser. I’m 50 and my husband 54 we are both retired with over $3 million in net worth and no debts. We got to realize that the secret to financial freedom is making better investments.

[@TheJackCain-84]

That is so amazing, I’m trying to get onto the investing ladder at 40. I wish at 55 I will be testifying to similar success..

[@martingiavarini]

How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings

[@bob.weaver72]

'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.

[@martingiavarini]

She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.

[@jessicasquire]

It's time to acknowledge that a return to 3% mortgage rates may be unrealistic. If homeowners are forced to sell, we will likely see a drop in home prices, leading to lower property valuations. I know I'm not the only one who shares this outlook_

[@Lemariecooper]

If you're in the market, now is the time to buy. Home prices are unlikely to decrease further, and if interest rates do decline in the future, refinancing is always an option|

[@AngellLevey]

That's impressive! I'd be happy to share more details. I understand the hesitation, especially when it feels like many firms offer similar services. However, finding a trustworthy advisor has been key to my success.

[@Erikkurilla01]

My CFA Julianne Iwersen Niemann, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market._

[@AngellLevey]

Thank you for sharing, I must say, Julianne appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive.

[@AgnesHarperq3x]

Investments are the roots of financial security; the deeper they grow, the stronger your future will be."

[@NikolasMartine01]

The deeper your investment roots, the stronger your financial security will be in the future.

[@GraceOliviaf7y]

Exactly! With my adviser, I’ve cultivated deep investment roots, strengthening my financial security for the future.

[@OscarBarnaby3k]

I would love an introduction to an adviser who can help me strengthen my financial roots.

[@GraceOliviaf7y]

My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further.

[@OscarBarnaby3k]

Thank you for this amazing tip. I just looked the name up and wrote her.

[@Blubbha]

Bought house with age 30 for 350k€. There years later only 200k left. Live under your means... Old reliable car, keep investing at least some money, invest in yourself, smile each day. Stay safe everybody.

[@andy00748]

Good thinking and you gave me good vibe and hope , really 👍😅👍👍👍🔝💷💷

[@davisholman6518]

Thomas - you are a positive successful human. Thanks for being a positive successful human.😎

[@darnellcapriccioso]

For 2023, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.

[@maiadazz]

@Craig Daniels Given current recession pressures, it is unlikely that the stock will yield substantial returns in the near term. However, it may be a suitable investment opportunity. I will monitor market conditions and consider purchasing when there is an improvement in the relevant economic indicators, any idea which stocks this may be?

[@tatianastarcic]

@Craig Daniels You are right! I diversified my 450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above 750k in net profit within 2 years across high dividend yield stocks, ETF and bonds.

[@richardhudson1243]

@@tatianastarcic magnificent! can you please share more info on the coach that guides you? really could save me much

[@tatianastarcic]

@@richardhudson1243 Having a counselor is essential for portfolio diversification. My advisor is Melissa Scott Glazner who is easily searchable and has extensive knowledge of the financial markets.

[@chrisb5048]

This video literally summaries a bunch of information I've read over several books. This is a gem

[@manny7886]

I just paid off my balance of 29K+ mortgage 3 weeks ago. It felt good not to worry about house payment.

[@consumerdebtchitchat]

I chose 840 sq ft condo 100k and did 15k cash remodel. Did 65% down. I'm on payment 18 out of 36 total (3 year pay off). I could have bought double. With condo paid I'll be able to put away 35% of my income into retirement. I didn't purchase to impress other people. They don't pay my bills.. (Update. Summer 2022 / Condo 100k paid off and 110k student loan forgiven).

[@14blairski]

You’re welcome for the student loan forgiven 🤬😡🤬😡🤬😡🤬😡

[@beans2605]

I’m debt free besides my mortgage. I’’m paying extra principal monthly while still maxing retirement accounts. I believe in doing both at the same time. They key is to stay the hell out of debt and be somewhat frugal. Not big on budgeting, more so into paying myself first automatically. A la David Bach.

[@HappyCleanersWA]

Bean S latte factor is one of my favorite books

[@wxywawjy626]

Yes and the key is to apply some of the strategies at the same time just as you said. It's very effective and works somewhat rapidly (snowball effect). Good for you :) Love David Bach too.

[@openureyes929]

Agreed.. thats what I am doin as well.

[@marthacastillo6937]

LOL I been going over his book automatic millionaire

[@jandreamer7130]

Best of luck, Bean S. The key is frugal. Try to eat at home. I do not know why Americans love to eat out!! I never eat out unless I am out of town. Eating out is waste of money. You are making the owners of the restaurants very rich!!

[@timai3459]

Long story short - to pay mortgage earlier simply pay more every month and lower your principal. Period.

[@michaelgraham1005]

Thank you for using the correct spelling of principal. Watching this video with captions and they get it wrong every time he says it.

[@michaelbreaux2485]

Definitely. My mortgage is 1420 a month. I pay 750 biweekly. Huge difference.

[@MalcolmLawsonREALTOR]

@@michaelgraham1005 haha just for the record, that's KZbin creating those captions, not me!

[@christ2551]

Tima Thank you for saving me 15 minutes of excruciating pain. Thought he had a novel idea.

[@lolwtnick4362]

truth nothing to see here

[@SheilaYilmas]

Presently, mortgage rates have reached their highest point since the year 2000, spanning a period of 23 years. Considering inflation trends, there's a possibility that this figure might continue to escalate. To provide context, the 30-year fixed rate was only at 5% around this same time last year. Faced with this scenario, the question arises: should I continue waiting in anticipation of a potential housing market downturn before making a purchase, or is it more prudent to shift my attention towards the equity market?

[@ScottRich9]

Similar to any other investment avenue, the stock market requires a substantial level of expertise to sustain profitability. While my approach has predominantly involved buying and holding stocks, my portfolio has been in a state of decline for a considerable period. Achieving substantial gains necessitates consistency and the periodic restructuring of your portfolio to adapt to market dynamics.

[@HakimZakzi]

I believe that holding was comparatively simpler in the 1960s, and the landscape has become more complex nowadays. Those who consistently generate gains in the present era are often seasoned pro. This is why, for the past five years, I've enlisted the services of a fiscal guide. Their expertise has been instrumental in consistently building and managing my portfolio, with an eye toward securing my fiscal

[@MarioRo1]

I fully recognize the significant advantages of collaborating with a pro, but thus far, I haven't identified the right one for myself. Could you provide more details about the fiscal guide who has been guiding you?

[@HakimZakzi]

I've enlisted Stacey Lee Decker as my fiscal guide, and her expertise contributes significantly to the fiscal industry. Acknowledged as a reputable authority in the field, she holds a deep understanding of portfolio diversification. I encourage further exploration of her credentials. With her extensive experience, she proves to be an outstanding guide for those aiming to grasp the complexities of the fiscal market.

[@OlgaRusov]

Stacey appears to be really knowledgeable. Her resume, educational history, and qualifications were all quite good when I found her internet page. She will act in my best interests because she is a fiduciary. I thus scheduled a session with her.

[@DavidAntony-gq7id]

After a terrible 2022, shell-shocked financial backers have a lot to think about and losses to recover from. An expansion report and a wealth of other data did little to alter assumptions that the Central bank would likely keep raising interest rates regardless of whether the economy slows down. This implies that portfolios will experience more losses during the first quarter of 2023. I'm currently at a crossroads deciding whether to exchange my $250k security/stock portfolio; how might the continuous market volatility work to my advantage?

[@BrunoLuke]

Concentrate on two main objectives. First and foremost, keep yourself safe by knowing when to sell stocks to reduce losses and maximize gains. Second, prepare yourself to gain from a market turnaround. I advise you to seek the advice of a representative or financial counselor

[@DavidAntony-gq7id]

@@BrunoLuke In fact, ever since Coronavirus, I've been in regular communication with financial examiners. Nowadays, buying moving stocks is quite easy; the trick is knowing when to buy and when to sell. The section and leave orders for my portfolio are made by my counsel. accumulated more than $550,000 from a $150,000 savings that was initially stale.

[@BrunoLuke]

@@DavidAntony-gq7id Please provide the information for your investment advisor here. I really need it now.

[@DavidAntony-gq7id]

@@BrunoLuke She is MARTHA ALONSO HARA, my consultant. Since then, she has devoted section and leave attention to safeguards that I have been keeping an eye out for. You can locate information about the chief online, on the off chance that you're interested. I made no regrets about substantially adhering to their exchange strategy.

[@BrunoLuke]

@@DavidAntony-gq7id sincerely thank you I looked her up on the internet and was awestruck by how qualified she was; I contacted her since I need all the help I can get with canning. I've just scheduled a call.

[@imnitguy]

Thanks for the motivation. I just posted a $1200 principle only payment on my mortgage. It isn't much but it is a start!

[@alexsteven.m6414]

Great video! For 2023, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.

[@belobelonce35]

@@JeanpaulCeme You are right! I’ve diversified my 450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.

[@yolanderiche7476]

Do you mind sharing info on the adviser who assisted you?

[@belobelonce35]

@@yolanderiche7476 “Julia Ann finnicum” is the coach that guides me, She has years of financial market experience, you can use something else but for me her strategy works hence my result. She provides entry and exit point for the securities I focus on.

[@valeriepierre9778]

After locating her, I composed an email and arranged a phone conversation. I'm optimistic that she will reply, and my go

[@PIPERBOYWILLIAMS]

I am a huge Dave Ramsey fan but I can say that you are the future. Learned more In this short time than weeks of studying Ramsy.

[@mrjack8849]

I think the best way to pay off early is to simply add or round up your payments to nice round number by paying more principal per month. When early in your loan, pay additional to your principal each month to round up what might be a payment of $850 (with principal and interest) to $1000 by paying an additional $150 in principal per month. It's just a small amount per month that probably won't hurt you too much but ends up being multiple extra payments per year. Then you also know that a flat $1000 of your budget is going to your loan. And it's best to start immediately when you get your loan. Each month's loan payment and interest amount is recalculated each month. So the more principal you pay earlier on, the sooner you get to the end of the principal borrowed and therefore interest...as explained in the video. The main point here is to pay more to your principal every month from the start and use autopay. It just becomes second nature that your don't have the money available to spend. If you ever come into a period with no income, you can back off the principal payment if needed.

[@phylwilton1966]

Less than 15 years, and my 30-year is almost paid off. I've done almost ALL of these things. And I took advice from my mama, too. She told me to WAIT until I "owned" my house, before I improved it.

[@Bigboss-xe6lm]

A wise woman!

[@kenyonbissett3512]

Since most improvements only raise the value 30-85% of what you pay for the improvement, unless you do the work, it’s not a bad idea.

[@deliamanuel5805]

Phyl Wilton n

[@jasonlucht9221]

I follow two of these tips. I make bi-weekly payments to make an extra payment every year. The other thing I do is use part of my annual bonus to make an extra payment as well. So I contribute an extra $4000 a year to my mortgage. I've done the calculator and it should knock off about 9 years off my mortgage.

[@ClementRusso2]

Basically , mortgage rates have reached their highest point since 1998, spanning 25 years. Considering inflation trends, there's potential for them to rise even further. Just a year ago, a 28year fixed rate was only 6%. This prompts the question: should I wait for a housing market downturn before buying or shift my focus towards the equity market?

[@antonnohr]

Indeed, I primarily engage in buy-and-hold, but my portfolio has been in the negative for an extended period. To achieve substantial gains, consistency and regular portfolio adjustments are essential.

[@antonnohr]

Her name is Stacey Lee Decker and she' a genius at her field. You can easily confirm her expertise by searching for her online. She possesses extensive knowledge of financial markets.

[@teekay_1]

@@antonnohr Stacy Lee Decker's home was just raided this morning and she is currently being indicted for fraud. Stay clear, you may lose everything you have.

[@JZETH_]

The side hustle tip is so important. Look at how the economy is right now. Having another way to make money in case of layoffs is very important

[@NikkiJabs]

My side hustle became my full time job in March when I got laid off from my regular job. I’m making more than I ever have- even more than my former career as a police officer.

[@dallascowboy1943]

@@NikkiJabs Dang girl, what are you doing now? Respect for you for wearing the shield.

[@paulashottesbrooke4400]

@@NikkiJabs congrats. Well done you. What is your side hustle?

[@NikkiJabs]

Dallas Cowboy Shipt shopping! It’s like Instacart. See if it’s in your area!!

[@NikkiJabs]

Paula Shottesbrooke Shipt shopping! It’s like Instacart. See if it’s in your area!!

[@DebiBrady]

As a govt contractor, I am often between contracts. When I'm getting paid, I contribute a couple hundred a month. So far, I've been able to take about a year off of a 15-yr, in less than 5 yrs. If I had it to do over, I'd probably do the bi-weekly version, then kicking in a lump sum at refund time.

[@mukhabatpaizova226]

I always thought bi-weekly not profitable because weekly I have to pay with interests anyway, how does it change?

[@matthewmillet3807]

Solid advice! By adding a simple $30/month to our mortgage payment, we’re projecting to save almost 2 years (24 payments) worth of interest with very little extra effort. Any small amount extra is worth chipping away at the interest!

[@y.r.9401]

Awesome 😎 TY! Bc most cannot afford to pay more than that.

[@robertprice9052]

I took zero exemptions on my W-4 at work. As a result of having more taken out of my check each month I got a bigger tax refund. Each year I was able to put a once a year 10K principle payment on the house. Along with monthly principle payments my house was paid off in record time. Most people will say I gave the government an interest free loan on my money. However, no one can ever tell me what they did with their money they received each month. I learned my money management from my grandmother. She quit school at 17 to buy a grocery store. She was in that generation that survived the Depression, and she took in personally. When she passed away she had saved and invested her way to being a millionaire. Great tips - its a shame money management isn't taught in schools.....

[@shanaroberts390]

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[@andrewfred6799]

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[@williambenefiel4925]

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[@franksiegle1821]

@@shanaroberts390 Wow! I didnt believe they really work, I thought my sister was just ranting about how fast Gina got her credit fixed lol. Thats really nice, I'll definitely check them out now.

[@nobujak]

I live in a very expensive metro region and just cannot afford to buy a house even though I earn $130K+. I gave up the idea of owning a house and instead decided to max out my 401K/Roth IRA contributions. Every few years I add $100K+ to my retirement accounts thanks to my employer's generous match-ups. I also invest in IT stocks and they are growing. I will get out of the States when I retire. I highly value my mobility.

[@roberttopliss8512]

This is all true. It's also very rewarding knowing you own home, your stress level will plummet when you achieve this. Listen to this fella.

[@cellsforcheap4995]

You just need to figure out how to make a lot of money. Way simpler. Too much thought is going into all of this. The strategy should be to maintain a lifestyle that is in line with being fiscally conservative while making hundreds of thousands of not more per year. Then the rest takes care of itself.

[@Terry-zr6ys]

Doesn't matter when the irs takes almost all your extra money. You can never get ahead In this economy. I started my own hvac company this year and paid myself even less money then I was normally making but for some reason went from paying 2 to 3 thousand In taxes at the end of the year to paying over 14 k this year. It's all to keep people down.

[@blakerauch1716]

My fiance and I's monthly payment was $2415 month. We would pay an extra $300 a month towards the principal. We currently just refinanced to get a lower interest rate and to get off of PMI. Our new monthly payment is $1918 a month. We plan on still paying $2700 a month but are now going to do bi-monthly payments.

[@kentbetts]

I suspect you would be better off putting the $782 per month into shares of Apple and Amazon. The video more or less describes how you can get out of being a debt slave by capitulating to being a debt slave. Not much different than Dave Ramsey. When you have cash you have options. Smart people hold on to cash. They don't instantly shove it toward debt. Once it is used to pay on the debt, it is no longer accessible. One part of this vid that I do like is the idea of not taking on a large debt in the first place. I think there should be a balance between the amount of debt you incur and the amount of cash you can invest. I would rather have a $1000 house payment and $1000 going into stocks than a $2000 house payment and no stocks.

[@tjones2550]

Try making the payments quarterly, in addition to adding, a payment each month and watch how fast the payments begin to drop on your ammortization chart. I don't use Dave Ramsey's chart. I use another that is free that allows, you to try different timely payment methods. I've got one more year after starting about a year ago. The timing of the payments is everything. This is the only thing that they all leave out when doing the videos. He is the only one, who mentioned QUARTERLY payments, which is March, June, September and December. Never drop just one large lump sum because it doesn't make an impact. Break up the payments. There is a strategy to it. TIMING.

[@rlanderson3]

Alexander Cherry, no it doesn't. Additional principal doesn't have anything to do with where you are in the schedule at all.

[@yasminea7149]

@@tjones2550 Which chart do you use?

[@tjones2550]

@@yasminea7149 it will say that the page does not exist. The page is orange at the top scroll to the middle and you will a link in blue Early Mortgage Payoff Calculator. Click on the link, I hope this helps you. It helped me.

[@treaty8631]

Totally agree......finacers want you to invest....wrong.....pay off the mortgage asap and watch how you bank account goes up, no debt is the best, one less bill

[@shellieperreault6262]

Making that extra payment each quarter... Otherwise known as "fifth Fridays" makes a huge difference. I also recommend that someone take out a loan they can afford to pay in 15 years instead of 30. Even if you can't entirely do a 15 years mortgage right now, a 30 year mortgage will make for lower payments during an emergency and you can continue to pay the 15 year mortgage amount during better times.

[@chrislooysen]

We refied to a 15yr loan in Jan of this year. I have the ability to adjust how much extra I want to pay at any given time, my lender is very flexible and they make it very easy to understand how to pay off the loan early. I'm on track to pay off this 15 year loan in half the time.

[@vijaytoor601]

The best video I have seen till now. Easy to understand and to the point.

[@jayinla81]

I paid off 459k, in 2.3 years using a first lien position HELOC at a whopping 4.75%. Granted, I worked 96 hours a week, but never once ate top ramen or borrowed more money. Discipline and putting life on hold for two years in order to have my whole paycheck for myself the rest if my life on 40 hours and invest my equity for the rest of my career is worth it.

[@cathymorgan4435]

All thanks to Janet foreign exchange for helping me to trade my $300 into Bitcoin and I was credited with the sum of $3200 after seven working days of my trade with her now I’m debt free I can settle my bills without even touching my paycheck I’m so happy with Bitcoin life is easy 😊

[@cathymorgan4435]

Whatzapp

[@cathymorgan4435]

[phone]

[@MattTheMortgageGuy]

Great video Malcolm One point I’d like to make is on the refinance subject. Most lenders I broker to allow a “flex term” meaning borrower chooses the term. e.i. Refinance into a 26 year loan if you are 4 years in. If you owe $350k and go from 4.5% to 3.0% you’ll recoup the cost of the loan in under 1 year. You could continue paying your old payment and pay off in under 20 years. Not all refinance bad. Especially with a plan. Cheers!

[@firesign4297]

🤗👍🏿👍🏿

[@billjones5178]

Yes, when you refinance (at my institutions) the principle goes up by 3 to 4 thousand dollars. You may be paying a lower (or higher) rate, but on MORE $ principle. So your next few payments do not put you in a better place in the pay off curve. Run a spreadsheet, looking at your principal remaining say 5 years out if you refi or not refinance, but add in your new principle amount after the refinance costs are added in! Sure you may get a lower rate, but it will be on a higher amount.

[@thesledgefamily5604]

I don't really have idea about paying mortgage early, but now watching your video gives me an idea to try my best to pay off my mortgage early. As a single mom I really want to pay off my mortgage early for my kids just in case something happens to me they won't be homeless. Your video helps 👍

[@honestlyna]

This is helpful. Prioritize paying down debts (incl mortgage), reduce expenses, when you make more income don't splurge, pay it onto the principal or savings.

[@meganknoll4795]

Remember it's your money, if it must be leveraged, let it favor you. Take some money out of the bank, start a trade account and put it to work everyday and if for one week, you don't like the pace at which you money is growing, close the trade account and leave. But; I'm sure you won't cause in a week you will have generated more profit than your 9 - 5 does. 👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇 Learn how you can do this, Trading forex with @kaitlinhudgens on telegram.

[@charlesdonald6150]

@@meganknoll4795 so all I need do is chat with kaithlyn and I ll get in?

[@meganknoll4795]

@@charlesdonald6150 yea! She's like one of the Mentors in the group, but she preps every new member before u come in.

[@jandreamer7130]

Most beautiful, easy to follow video. I like your style. You are not trying to be Mr. perfect, typical American man who thinks he must be loud and show his big shoulder muscles to be a man and who looks confident. Truly self-assured men do not need to impress others. I can tell a self-assured person from a mile> Such a person is most humble and keep himself in a low-key mode!!! Keep up the great work, Malcolm and stay the way you are. You earned my respect. Frankly, I do not like those who seems so false and seem to ave gone to some motivational coach. It looks so superficial!!

[@joshuabradshaw2201]

Currently breaking down our budget to get this 30 year mortgage paid off and after breaking everything to living off a bare min we have 1 year of mortgage put back for a emergency but about to push a goal for paying 30 years in 5-6 years anyone that does this I would highly recommend building up at least one year of mortgage in case anything happens to a job you would have 1 year to figure it out so you won’t loose everything you put in

[@liammclaughlin2881]

Paying off a mortgage is simple. The interest rate is spread over 30 years, that is why you pay back so much to the bank. Don't make bi-weekly payments. There are 12 months in a year but 52 weeks divided by 4 weeks equals 13. You are making an extra mortgage payment every year. Don't do bi-weekly, just make one principal payment per year. I would like to know the employer who matches your 401K investment. Most employers match 50% up to as maximum of 6% of your salary. Many employers give you a vested interest in their contribution which means you have to wait a few years. However, it is always a good idea to use the 401K matching contribution. It is a good idea to take advantage of reduced interest rates as long as it is in excess of at least 1%. The problem is that people use this additional money to buy "other things". If you use all the additional money to pay down the principal every year, you get to pay the mortgage off early. Always remember that the reduction in interest payment applies to the mortgage - not additional money you get to spend. It's simple stuff.

[@Tatiana-cd1vu]

I don't even have a mortgage yet, but this is very helpful! Currently I'm saving for a down payment and I really want to pay it off and live completely debt-free as fast as possible.

[@Cinderkin]

Just bought a house for $300k, made one payment to my mortgage so far. This is interesting stuff and highly relevant to me.

[@jonathanansleymusic4992]

I JUST bought a house (last week) well below my means and I will have the whole thing paid off from start to finish in less than 5 years! 😃

[@juanitawatson596]

Congrats! You're one smart fella!

[@everlongization]

In Australia we commonly have a Mortgage Offset Account, a bank account connected directly to a home loan. The balance of an offset account is subtracted from the remaining loan principal prior to interest calculation.

[@indman101]

I always paid extra principal online by the( week) and had the regular payment pulled out of my savings by the month,remember the true balance is by the day,this is the fastest way out of that debt,the Bank will not like this,they will make it difficult to do this and tell you oh you don't want to do that because of the early payment penalties which isn't much and likely wont apply most are 3 to 5 years before it drops off.

[@elonmusk8667]

I paid off my home. I got a 15 years loan and always added more towards my principle. I paid off the house in 11 years.

[@cathymorgan4435]

All thanks to Janet foreign exchange for helping me to trade my $300 into Bitcoin and I was credited with the sum of $3200 after seven working days of my trade with her now I’m debt free I can settle my bills without even touching my paycheck I’m so happy with Bitcoin life is easy 😊

[@cathymorgan4435]

Whatzapp

[@cathymorgan4435]

[phone]

[@pederstrand8349]

Very comprehensive, well explained options. Good advice! When I hammered the payments and got my house paid off early, I sat down and figured out the amount of interest I saved! Remember, no mortgage, no foreclosure!

[@briellastellar6673]

They can reoposses for failing to pay property taxes. No man owns his land your renting from the government.

[@manny7886]

True. I just paid off my 29K+ mortgage 2 weeks ago. No more worries for a monthly home mortgage payment for me. I don't have a car payment also and pay off my CC every month.

[@adrftgvvbh]

Just got a raise at work. And we get bonuses a year as well....Money I never had so I'm gonna attempt to pay an extra 400 a month towards the principal and on top of that 2,000 from our income tax each year. Dave Ramesys calculator said I should be done March 2026!!! Instead of 2040 lol....We're excited

[@chloetyler1166]

This is the best I have ever seen. How can I be like this. I want to own a $1M modern mansion. I think my investment will get my that in 4years. I so much love this episode 🔥👍

[@juliedeborah2651]

Successful people don't become successful overnight.. fear is the dangerous component that hinders us from taking bold steps we need to take to get to our dream destination..

[@ifeanyionwe8757]

To get rich in life you need to spend less and invest More. You don't invest 10% and spend 90% expecting to get wealthy on a bed of roses .

[@chloetyler1166]

@@ifeanyionwe8757 When you invest in the right thing and be consistent in it . You will definitely make it .. Just diversify your portfolio account

[@georgerouso3475]

@@chloetyler1166 Hey! .Hope it won't be a big deal to ask you what you invest in ?

[@chloetyler1166]

@@georgerouso3475 I make 45% in three weeks with Bitcoin. 3.5% with Tesla from just last part of 2020. It is not that hard if you want to trade one chart ticker and study it like a full-time job. I don't have a particular fund i invest in. Well I don't do it alone having a professional guide is the best way to a successful investment.

[@michaelhabada3493]

We got our home loan in 2020. We are on track to pay it off in 6.8 years. We almost double our payment per month. Recently bumped it up to over double. Looking forward to it being paid off.

[@roohullahalidost7349]

Wow! This is some great information both for home owners and realtors. I liked your presentation very much!

[@mp.434]

Excellent delivery, brief and straight to the point, quality information, no yawning here!

[@drea6740]

Thank you so much, 20 year old home owner I REALLY NEEDED THIS

[@felixagustin9573]

Thanks for the video and for providing small meaningful ways to do this, instead of a Heloc or crazy ideas.

[@tinainnca]

Good video, however at 11:45 it’s implied that once you get your principal balance below 20%, that your mortgage company will automatically drop your PMI. Not true. With an FHA lisn, the only way to get rid of the PMI is to refinance

[@rlanderson3]

Depends on when it was originated. If it's an old FHA, that's still true. Even a new one might be gone in 11 years regardless of LTV

[@jennjoint6123]

My PMI just got cancelled and I didn't refinance. It automatically got cancelled when my equity reached a certain amount.

[@tinainnca]

Jenn Joint That’s great to know. I’ll need to dig further into each of the loans. everyone that I’ve tried which is ranged anywhere from two years old to 10 years old through FHA state that it is now permanently attached. there must be different programs?

[@wangui26]

tinainnca if the FHA loan was obtained after April 2013 and you did not put 10% down, then yes you would pay PMI for the life of the loan unless you refinanced to a conventional loan

[@tinainnca]

wangui26 Thank you. Is that the magic date to know?

[@lisascott2449]

I hit the principal hard! I decided that instead of buying items that I didn’t need, I put that money on my principal. For five years I didn’t make any unnecessary purchases. I paid off 275,000 in five years! My vacation money went to principal as well. Five years of working hard will give you 25 more years of savings!!! I’m on my third property and paid them all off the same way!

[@vip_supercars3652]

My bank told me I had to refinance to get rid of my PMI. I make an extra principal payment of $300 a month and it will take 12 years off the mortgage

[@billyoung8118]

Refinanced and went from 5.375% down to 2.75%. Took cash out to get lots of renovations done. Went from 17% LTV to 34% LTV. Payment only went up $60 and I now have a 15-yr mortgage. But I'm rounding up and paying $2,000 per month payment, which should turn that 15-yr into a 9-yr. When other revolving debt is paid off then I will pay even more to that mortgage.

[@lisamurphy5770]

This is BRILLIANT!!! Boy do YOU know how to make a video. Thank you for sharing your knowledge with us.

[@sandracorbin1530]

I have used your idea of making a Bit more just to principal at each monthly payment. I made a principal show sheet and when I divided it with my extra money I have. I can pay ( per my principal work sheet) I should be house free in 3 yrs 4 months. I am trying this avenue, to see if my sheet, is scientifically a success. I feel positive. 🙂🙂🙂🙂🙂

[@christov4202]

6:00 - an extremely awkwardly long handshake. Good video by the way.

[@JA-zh5xi]

I do bi-weekly payments and it knocked off three years on a 20 year loan. Now hitting it hard with additional funds. In this economy tell me another way to get $300 - $400 return for every $1,000 invested (depending on interest rate and where you are in the loan payoff process - could be way more).

[@athanasus333]

I've watched 3 of your videos wanting to learn about refinancing and I now feel very educated. Good stuff!👏 👍

[@KikiAndJeffreyPearl]

It’s Jeffrey, paying off the mortgage was one of the best things I ever did!!! There is an additional benefit outside of all the obvious financial ones..... the psychological position of freedom will allow you to put energies elsewhere. We are working to help others live there best life while building residual income.

[@kaitlinendres476]

love this! great point!

[@NickUva]

Malcolm, great video and very helpful for younger people who were never taught these concepts. My only complaint is that you spelled "principal" incorrectly throughout the video, even on your graphics.

[@chiderafranklin554]

are you aware of the USA benefits you should benefit from

[@halfunkbass2966]

The grind is very real and the wheels of ups and downs can make you or break you and although money come and go, what you don't have is time. With that being said, i decided to cook my own meals at home, keep my old car, buy from thrift stores for shits or pants and pay the principal along with my mortgage. Took me 15 years to pay off my home. Every time i got paid, i paid my mortgage and i had no credit cards period. After i made the last payment, nothing topped this personal financial achievement. Thats been 7 years ago, and the economy has been in flux but i have a roof over my head. Today, I still own my home in California debt free, and recently purchased a resort condominium in Bangkok. Pay off the house... move on with life already...

[@DJjussi1]

how do you record / edit your videos? they're really great!

[@barbaraherrera3984]

Holy 🐄 , thank you for sharing… I can do at least 4-5 of these. 👍👍👍 thumbs up.

[@phester6811]

You forgot to mention replacing your mortgage with a HELOC. I was caught in that trap for years..... bought my house in 2001 for 149900 and a couple refinances later I still owed 126000 in 2018. Learned about the HELOC and started in July of ‘18. 19k to go n will be paid off this June. So just under 2yrs paid off !!!

[@richp5064]

Velocity Banking...I am doing this as well. The reason this works so well is you can put all of your income in the heloc while still having access to your money. When you put extra towards your traditional mortgage that money is gone.

[@phester6811]

That’s it exactly!

[@Allaiya.]

Can you explain this further?

[@phester6811]

Allaiya type in ... Michael lush replace your mortgage on KZbin. That will answer all your questions. That’s where I learned it.

[@bmorgs12]

@@phester6811 just don't fall for the overpriced software companies that assist in this method... extra cash to mortgage principle is it... the Heloc methods help with efficiency and keep access to your cash via the HELOC... opened ended with interest calculated differently... Caution...playing with HELOCS can be risky for those that have little discretionary funds!

[@blackericdenice]

I'm a truck driver and an automotive youtuber. I just signed to buy my first house 5-14-20. I've heard people talk about this before but I don't remember them saying to divide 1 payment by 12 months. That is a great idea and I now have the chance to put it to work.

[@MichaelOrtega]

I find it easier to simply make an extra payment in the middle of the week to the principal ALONE! I figured out how much money my principal is and how much extra I have to pay a month to kill the loan in 5 or 10 years. And I now pay one normal payment in the first and a second principal only payment in the middle of the month.

[@kenyonbissett3512]

If you get an amortization chart for your loan, you can look at the principle column and mark off how many months you cut off with each extra payment you make. It feels real and like you are making a difference when you can see it on paper. Just an idea, the printout is about 7-8 pages (360 months), as you finish each page off attach to a dart board or have a burning ceremony or frame it with pride. Whatever makes you feel good. For a $100,000 loan each principle payment might only be less then $100 a month or $25 a week. A side hustle or frugality might get you that much or more to pay off.

[@benjaminelsbury683]

Be careful with bi-weekly payments not many banks do this with out charging a fee. ( this is good if you do not have the discipline of paying your mortgage on time) + if they do offer bi-weekly payments then ask if they apply the payment bi-weekly or do they hold the payment and apply the full amount once the full payment is received. Many banks hold the payment so there is no benefit other than 1 extra payment a year. Then what you do is take the one payment divide by 12 then Add this to your loan rounded up each month. Feel free to ask me any questions. PS I appreciate Dave Ramsey for what he does but I do not agree or appreciate the amount of money he makes off people and preaching church but that’s another discussion.

[@mojojomo55]

Great video. Concise and informative. You did spell Principal as Principle on one of the first slides.

[@nktaylo1]

A lot of people are visual learners - I highly suggest to anyone to look at an amortization calculator to visualize the impacts of making additional payments EARLY. I really appreciated this video; it's well laid out and holds a ton of value. Good luck everyone!

[@cathymorgan4435]

All thanks to Janet foreign exchange for helping me to trade my $300 into Bitcoin and I was credited with the sum of $3200 after seven working days of my trade with her now I’m debt free I can settle my bills without even touching my paycheck I’m so happy with Bitcoin life is easy 😊

[@cathymorgan4435]

Whatzapp

[@cathymorgan4435]

[phone]

[@freightfreight5824]

Ive been using my SKYMILES credit card for ALL of my monthly expenses every month (except for the ones that wont let me pay with a credit card like the house payment. My credit score is 826 as of yesterday but it fluctuates between 815 to 825. I NEVER buy anything on credit that I cant pay off the 1st week of the next month. SO I have a 16 yr old truck that runs perfect and is in excellent condition. Ill take that personally over a new truck that cost half as much as a house payment every month.

[@nathanielcarreon5634]

In short, paying more towards the principal earlier everytime, the earlier you pay off the mortgage

[@jtompkins44]

ummm yes. Just like a carp ayment or any other secured loan as far as the principal. Wow

[@kenyonbissett3512]

Newbies to mortgages don’t always know this. It is essential that you mark the extra payment as principle only. Otherwise they will treat it as just a regular payment defeating your purpose.

[@lilithswonderland]

I think this video needs to be watched by all people before buying a house. Helps alot!

[@nikkibeee8191]

WOW!! This was a great video! Very helpful and educational!!! I will br applying your tips. Ivr been in my home for 3yrs as a first time homebuyer so I so needed this!! Thank you! You've gained a new subscriber!!!❤

[@mlambert1974]

I'm doing a heloc mortgage accelerator for my mortgage and it's working out. I just realized, however, how is a heloc mortgage accelerator different from making a couple thousand dollars in extra principal payments towards the mortgage? The net result is roughly the same-you shave off 20k-25k off the principal at the end of a year. Thank you.

[@mariakristinahawl1640]

Biweekly (with extra principal payment) is a better option than extra payments per month because the interest accrues daily. The date you pay your mortgage is important, and no one tells this secret. Pay your mortgage before the 1st of month or on 1st rather than wait too much into the month to make that month's payment.

[@glamygirlie6829]

That doesn't apply to interest mortgage because it accrues monthly, not daily .

[@celah8290]

Maria Kristina..I heard pay the principal on a certain date, but tryna fins out what date, is it the 1st of the month or 0ne day before mortgage due date 0r us it the same date of mortgage, 0r day after???????

[@celah8290]

​@@glamygirlie6829 I heard pay the principal on a certain date, but tryna fins out what date, is it the 1st of the month or 0ne day before mortgage due date 0r us it the same date of mortgage, 0r day after???????

[@tjones2550]

@@celah8290 I paid principal towards the end of the month and most times in addition to the actual mortgage payment. Every bit adds up .

[@otoolefinancialgroup]

Great video...he is totally right..! You need to pay off the mortgage as fast as possible. Now with saying that....you then need to invest that mortgage payment you are no longer paying...into some kind of wealth building instrument. Maybe an annuity, IUL, whole life insurance...something that you can access later, on a tax free withdraw for retirement or if you get sick & cannot work.

[@vero0992]

New-ish homeowner here trying to be smart. This is the best video I've seen on this subject. Going to help a lot of people! Thanks man!

[@MalcolmLawsonREALTOR]

Thanks!

[@BryanMichaelWilliams]

Don't listen to it. Leverage your home over 30 years do not pay it all off. Common sense guys

[@christianfalck2791]

Hack number 11. After 2.5 years paying my 30 year mortgage, I made normal payments and paid pmi of 159 per month since I only put 5% down. After 2.5 years the value of the property went up about 10 percent while I paid down on thr principle and the market went up and I had a better salary so I could afford to refinance to a 15 year loan which dropped my interest payment from 4.125 to 2.875. The pmi insurance dropped to only 25 per month instead of 159 and since my loan to value is set at 86 percent the pmi drops only after 2 years automatically. My principle payment went up by trip and my interest went down in half and Im only paying 200 more per month than I did before. Also dont have to make a months payment while in transition to the new loan, also I got a check back for 950 from the bank cause they overestimated the closing cost.

[@Yomine123]

I worked 7 days a week, sometimes 24 hours a day for the past 11 years. I can now say that I will see the fruits of my labor. I have reached my goal and can pay off my house in full if I choose to do so. Hard work and living differently pays off.

[@manuelesparza1081]

Have a little fun and rest 2

[@MaryOKC]

Unless you love what you do are you living to work or working to live…

[@sobeliever1638]

Sound like a heart attack in the making. Stress on your body is not wise.

[@monicadeana4586]

My new home came with a rental home in back- I got a renter that pays me $1200 a month! And I get $1000 a month from a guy that bought my mobile home- he gave me 40k down and 1000 a month for 5 years. 2200 coming in - 2200 is my mortgage 💸 my mortgage is now paid. Very excited!

[@kenjelinek6209]

Good stuff! Thank you!

[@edwizard62]

Not true about PMI at 11:17. FHA loans keep that PMI for the life of the loan, 30 years in my case. Can only be removed if I re-finance and use the equity of my house.

[@sergeyskakun8401]

Many thanks for sharing these tips. I find them really useful. I live in Russia (Moscow), and I wish we had the rates similar to ones you mention (like 3 to 4 per cent). I have 9.25% rate which is considered very good as there are no better options at the moment. Thanks again!

[@robloxzaki8560]

Thank you this is the best strategies I watched yet.

[@dus10dnd]

One thing that is far easier... earlier in your mortgage, make double principal payments for the first 7 years. Print out an amortization schedule and you will see that the principal that you're paying very early is a small part of the payment, but it goes up as you get further into the mortgage. Just do double principal for the first 7 years and you're basically making 14 years of payments in that first 7 years. Also... every dollar you save... it worth more than earning another dollar. If you earn another dollar, you have to pay taxes on it. If I want another dollar, I essentially have two earn 2 dollars to have 1 dollar.

[@mizark2029]

Oh is that all?

[@honestlynate7922]

I did something similar with my car. A 48 month loan. I paid it off 11 months early and saved 4000 in interest.

[@NathanLewis7871]

Two years ago, I was evicted from my two-bedroom apartment just because things re not going on fine with me. I was so determined that I must make it in life. After awhile, I made some money which I invested with the help of a financial advisor and today I own a house, two businesses and multiple investments-income.

[@jakethompson8737]

This is so motivating and thanks for sharing but can I meet your adviser?

[@kevinjohnstone4023]

This is the way to go and I am happy I come online today. How can I meet with your advisor?

[@paulinescholes6797]

I want to own a house too. Do you still have the contact of your advisor?

[@NathanLewis7871]

Her name is PATRICE ANN ISABELLA . She lives here and available on the web.

[@ApartmentKing66]

@@NathanLewis7871 Where's "here?"

[@JustAName-it5qp]

100% disabled veteran in Texas, best thing is not having to pay property taxes here. My VA check goes straight to my home.

[@sofiaroserosello6271]

Great tips! Thank you I'm trying to learn..

[@alexcabral1385]

Quick note on PMI - it does not magically disappear once you pay the LTV down to 80%; it does automatically at 78%. If you as the borrower want it eliminated at 80% you will have to follow the guidelines of your lender- in our case we just hit 80% and wanted PMI eliminated and found out we would have to pay for another appraisal. Note - this is for conventional loan products only!

[@ButcherBird-FW190D]

You are entirely correct. At the two-year point I had to petition to drop PMI, had to pay for a new appraissal. I was just over the 80% range, so I had to pony up $14k to get to 80%. It was worth it, but yassir, it's not automatic.

[@marjorieterilus2268]

Thank you Thank You Thank you, You have a new subscriber. Amazing Video

[@MalcolmLawsonREALTOR]

Thanks! Good luck with paying off your mortgage!

[@user-fn8bq7ef7t]

This is one of the first videos I’ve seen on this subject that actually has more advice than “pay your principle”.

[@rudyardgomeas6042]

Isn't making bi-weekly payments also beneficial, as your principal is reduced more with the payments and not just an extra payment?

[@arakwar]

The goal with the extra payment would be to boost your 12 monthly payment up by a notch. Which comes back to the point : the more you put on your mortgage the faster it goes down...

[@OroborusFMA]

I paid off the last $20,000 of my condo by making a cash transfer from my credit card to my bank. There was a one-time 4% fee, but that $800 was less than the remaining years of interest. Yes, it required me to pay back the $20,000 in twelve months but then I just transferred the remaining amount to a Chase Slate card (sadly discontinued) which allowed balance transfers with no charge at all. So in essence I got a $20,000 loan that had an $800 fee paid off over 27 months at zero interest.

[@carriebishop8568]

Was truly an eye-opening video I was always wanting to put extra principal to the loan and it's so much easier to do it the way you're doing it so that's what I'm going to do I should've done that 10 years ago. I only have $96,000 left on my loan and I have 22,000 in cash in hundred dollar bills saved. I'm wondering if I should just put that all for principal in one lump sum. What are your thoughts on this move? I'm so glad I found your channel I am a new subscriber for life.

[@kenyonbissett3512]

One you will trigger an IRS audit paying 22,000 cash. Technically the Patriot Act made it illegal to have that much cash as an average individual, Bill Gates probably has different rules, lol. Always keep an emergency fund. Beyond that it’s all personal preference.

[@yennyjen5742]

Curious if have you paid off your house??

[@Matt-xq6ow]

What are your thoughts on recasting a mortgage after making lots of additional principle payments? Our lender doesn't charge a recasting fee, so long as you meet a certain criteria of additional principle payments of $20k in the last 12mo. In my mind, it makes sense, because you can reduce the over all monthly mortgage, but the difference between the existing monthly mortgage and new monthly mortgage could be used to pay down more on principle.