The Simple Hack to Ditching Your Mortgage Fast

[@nicolesobol936]

My husband and I are in our late 30’s with 3 children. We just payed off our mortgage! We are debt free, with our home if we wanted to sell worth close to a million🙌🏻 Lots of sacrificing and hard work, but man does this feel AMAZING!!!

[@JohnPaul-ol5zl]

Did you get a 30 year of 15 year mortgage originally? How many years did it take you to pay it off? I'm curious.

[@sitka49]

Here's' the kicker, your never debt free , you still have to come up and put away money for taxes and insurance every year. Years ago I was paying $300 a year for home insurance now it's pushing $2000 a year, plus my taxes have double since then. mine are relatively low in this part of the country, and I'm sure some people have to put away almost $1k month just cover this.

[@sitka49]

@@JohnPaul-ol5zl You don't need to, just make a extra payment or 2 a year if you swing it ,and put that whole amount on the principal. I would put my whole tax rebate on the principal every yr. If we were getting one.

[@JohnPaul-ol5zl]

@sitka49 agreed. Generalizing is always a slippery slop. One must just live to where they minimize being in a risky situation. Investing 100 bucks of your $3,000 monthly Net Income into a well researched stock is a fair decision. Letting $1,500 ride on RED at the casino each month is not. Aim to live comfortably with very little debt. A used care that runs well and has A/C in South Georgia heat is good. You don't need to have a $60K pickup truck because it looks sweet, especially in public......more so if you have a yearly income of say $50K and raising 4 kids. Wise choices lead to less stress overall.

[@sitka49]

@@JohnPaul-ol5zl Im far from a new pickup mine almost 15 yrs old, so far (Knock on wood) looks good, and runs good yet. It would be fun to have something new with better whistle and bells on it. But... My mortgage is under 2% interest almost free money. The kicker now days are the taxes and insurance. which are whole lot more than my interest. I only owe 50K on my home.

[@dcbfan1231]

I paid mine off in five years and five months off of a 30 year mortgage. I saved and saved and made two large payments on the principal and boom, mortgage paid. My own bank/mortgage lender even congratulated me.

[@marcopolo3109]

That's good, and how much was the 30 year mortgage?

[@sobeliever1638]

Would you not have saved interest by just paying it off more spread out instead of two lump sum?

[@Clauds71]

Wow 😅

[@smileychess]

@@sobeliever1638- Depends on the interest rate. My mortgage is 2.5% and cash savings is giving me 4.5%.

[@joshuaborem7063]

glad for you (seriously) but even 65 months to pay off a modest $150,000 is still $2307 per month- and that doesn't count interest. So calculating your numbers and using my low estimates, you're a very high income person. You should count yourself very blessed.

[@jiangpkpful]

We did it following the Ramsey method. Threw everything extra to that mortgage after hitting baby step 6. All the bonuses, tax refund, you name it. And knocked out our little condo mortgage in 3 years. It feels SO good to be free.

[@azieltobias]

Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

[@lilyhershey1]

If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.

[@disney-hefner]

Even with the right strategies and appropriate assets, investment returns can differ among investors. Recognizing the vital role of experience in investment success is crucial. Personally, I understood this significance and sought guidance from a market analyst, significantly growing my account to nearly a million. Strategically withdrawing profits just before the market correction, I'm now seizing buying opportunities once again.

[@Gallo-firestone]

​ *@sofiakhalidda* That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?

[@disney-hefner]

The decision on when to pick an Adviser is a very personal one. I take guidance from “Gertrude Margaret Quinto” to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.

[@Buffet-walton22]

Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.

[@LivewithoutLoans]

We are so close to paying our house off! Built in 2020 and on track to pay off by 2025! It’s so exciting and we are so grateful for everyone following our journey 😊 Can’t wait to be completely debt free

[@jill9606]

We have been making additional payments every month since our first payment in January of 2020 and we have paid off over 7 years in 3.5 years of the life of the loan! It’s so fun to look at the amortization schedule every month to see how many more months we’ve paid off with each additional payment.

[@CPMG2000]

I did the 30 year mortgage out of concern for my job but quickly started making double payments and paid it off quickly saving over 100K in interest. Great way to do it!

[@chelseafailla9887]

My husband and i recently made it out goal to pay off our mortgage by the time we're 40, so 5 years from now! We're very excited to see how we will be able to bless people even more so with all of that excess in the future!!!

[@Mamamischa]

Same!! We can do this!

[@chelseafailla9887]

@@Mamamischa cheering you on!

[@melissabianca1755]

Us too! We must do yearly updates so we all stay on track :)

[@Clauds71]

😀👏

[@GraziaMacahilas]

Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.

[@CharlesLiamh1p]

People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.

[@DeborahMicheal6k]

Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.

[@CharlotteNoah3]

I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.!!

[@DeborahMicheal6k]

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

[@CharlotteNoah3]

I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.

[@derekcox6531]

We paid our 600k mortgage in 8 years by paying half our monthly take home on the mortgage. It felt like we were flying by the seat of our pants most of the time,but now we have that Money to invest in our rrsp and it feels great!

[@Painfulwhale360]

Congrats! That’s awesome!!

[@Lionheart_He-Man]

That’s how feel right now on our debt free journey, ‘more like hanging off the wing of flying plane’ 😅 Great job!

[@SeekingVirtueA]

👍 Canadians represent.

[@danicegewiss862]

I make bigger payments on our mortgage. This month $500 extra. Next month an extra $1000. We intend to have it paid off this year...22 years.

[@Mary-pr4kx]

We paid off our house in 5 years! But, the taxes and insurance have gone up so much, our monthly “payment” is still the average payment that you mentioned. 🥴

[@BenBreard]

Same!! I feel like I'm still renting. 😢

[@carnivore_princess]

Congrats on paying your house off

[@chevyguy2063]

U must live in Illinois or New Jersey

[@rebeckawoods6093]

Dang, any chance you can get a better insurance rate? And you probably have already looked into the various avenues, but you can also lower your taxes. In my state, if a home is the owner's primary residence, the taxes are cut in half. Also, in my state you can have a realtor calculate the value of your home, and if the value is less than the government assessed value, you can show the government the proof and pay less.

[@phxenvfacdirector2982]

Yup this is what happens. I started putting extra on my principal and when they raise the taxes etc, I stopped paying the extra. I am not in any rush to pay off my house.

[@donnaallgaier-lamberti3933]

We are putting $300.00-- $400.00 on the principal EVERY SINGLE MONTH! and refinanced OUR 30 YEAR TO A 15 YEAR. We willL be SAVING $48,000,00 in interest!

[@NobodySpecial509]

We’re doing the same along with a 10% payment on the principal yearly. Hoping to trim a 30 yr mortgage into 7 years’ish! Saving all that interest is amazing and sooo worth it!

[@ColleenJoudrey]

My mortgage was set up for a 22 amortization and we didn't take the extra payment option seriously for the first 12years. Now that I'm approaching an interest renewal date which will likely be 4% higher due to the Bank Of Canada increase, I have been more strategic with principal payments and will likely have it paid off 7 years early.

[@PremSteve-yg4de]

Mortgage rates are currently at an all time high since 2000(24 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market

[@valeriepierre9778]

True, I mostly just buy and hold stocks, but my portfolio has been mostly in the red for quite awhile now. Unfortunately to be able to make good gains, you’ll need to be consistent and restructure your portfolio frequently.

[@yolanderiche7476]

This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.

[@bernisejedeon5888]

That does make a lot of sense; you appear to understand the market better than we do. This coach is who?

[@yolanderiche7476]

Actually its a Lady. Yes my go to person is a ‘Sharon Marissa Wolfe '. So easy and compassionate Lady. You should take a look at her work.

[@belobelonce35]

I found her page by searching for her entire name online. After that, I emailed her and we set up a meeting so we could talk; I'm currently waiting on her response.

[@marys1914]

I signed into my mortgage lender while watching this episode. I easily found where I could set up bimonthly payments (mortgage payments cut in half) plus add an additional $300 a month to the principle using our increased monthly salary income (we both work in education). By just doing this took we took 5 and a half years off of our mortgage! I can't thank you enough!

[@billfunk3168]

We built a house 1985 12.5 interest rate. Made one extra principal payment per year. Example $600 payment pay extra $50 month. Paid off in 17 years.

[@lisaweirauch2070]

We have raised & home educated 3 kids (2 with autism and learning difficulties) on mostly 1 income. My husband is now 9 mos away from retirement. I am watching a 20 month old during the school year and all the money I have been earning goes directly towards the principal of our mortgage. We have just broke the $20k mark! We have also been paying cash to upgrade our home over the past 10 years or so with new windows, new roof, new water heater, new siding and paint job. New fence is coming very soon. I will watch this little guy until he goes to kindergarten. He is a close family friend. We all love him; it warms my motherly heart to care for him and his family. The extra $ is a blessing too. It will help us bridge the retirement transition.

[@pamelacaro8556]

We are doing this. Making extra payments every quarter that will be equivalent to paying an additional 8months of mortgage payments by end of year! Praying we can get there by age 40. 😊

[@trebmaster]

This really is the secret to getting rich. If you can manage any feasible way to pay off your house early and then continue living in it payment-free, you're golden. Just make sure your property doesn't get infested with mold!

[@mercyp7151]

How do you do that? I dont know too much about home structure so I know I sound dumb.

[@sobeliever1638]

Why do every quarter if you can do monthly? Would you not save more interest? Is it because some companies do not allow for that?

[@Red_1976]

These videos keep me motivated to pay off my home early! Thank you.

[@leannewith3]

I didn’t realise Australian mortgages were different to those in America 😮. We have the choice of paying weekly (no fees) and we can pay as much extra as we want. We are 18 years ahead with less than 2 years of payments left ❤️

[@Candisa]

Here in Belgium it's worse than in America unfortunately: - Only option for payments is monthly (not a problem for me) - Extra payments require contacting the bank beforehand and cost 3 months worth of interest on the amount you're injecting. - Extra payments lower the principal, but they lower the monthly fee accordingly so the remaining time stays the same. If you want to reduce the remaining time to keep the monthly fee the same (or more) you have to pay a fixed fee every time you do an extra payment, which makes it only worth doing once every couple of years. -> I did nothing extra with my mortgage (25yr variable interest rate affecting the monthly fee, since 2010) until last year because of the low interest. When the interest shot up I did an extra payment that allowed me to reduce the mortgage down to 22yr while keeping the monthly fee about the same as before the jump. Because the payback fee is a percentage, I'll be making an extra payment later this year again, but I won't shorten the timeline, I'll just save the difference and use it to make a larger extra payment next year, then repeat this two more times and my mortgage will be paid off in about 4 years from now, after 17.5 years.

[@Techreux]

Another thing that worked for us in closing the loan out quicker.. we barely qualified for a 30 year Mortgage.. but within 5 years, our income had risen enough that we refi'd with a 15 year note. Even though it was a more expensive monthly payment, we realized a much more rapid dent in the principle debt.. and paid off more quickly - the original 30 year was paid off in 15 years (yes, we did make larger payments, as well as reduce the interest rate!). Also, really important!.. but people need to remember to "downsize" after the kids all move out.. You don't need to continue to live in a large, expensive to own, maintain, with higher energy bills and insurance costs house! Not the time to be sentimental.. find the smaller footprint that works for you.. and save even more!

[@tressalewis7004]

So I thought I knew all about our mortgage. Turns out I did not. I did not realize that you could increase your monthly payment or biweekly payment and pay lump sum of money toward your mortgage, toward the principal of the mortgage. I only found this out a little under a year ago. KNOW your mortgage❤

[@soleilwhitton6397]

My mortgage company updated their website and now I can make extra payments whenever I want. And I can increase my mortgage payment if I want. I make it my mission to put a payment on my mortgage every Friday. Between $50-$100. Now that I am cc debt free, I can put those payments to my mortgage.

[@HarryLime777]

My wife and I payed off our trailer early. We now can buy whatever we want at wal mart!

[@edwinroyal9734]

When I grow up I want to be like you! My wife and I are still saving up for the down-payment to buy a trailer!

[@HarryLime777]

@@edwinroyal9734 You can do it!

[@UnHellTowers]

Sounds like heaven.

[@ryankiel4895]

You must be joking...

[@k_kelsey]

Single or double wide???

[@jennitapia1269]

Im 40, single mom with a 2 year old and ashamed I haven’t bought a house yet. I still rent a small one bedroom place, but working on becoming debt free and saving

[@amy7494]

There’s no shame in your game. 💜 Single motherhood is no joke. I was also a single mom. The fact that you’re working on becoming debt-free is incredible! You are still making progress. You are also showing your 2 year old a smarter way to live and save. This is a win. You’ve got this!

[@FairBeautyEssentials]

Do not be ashamed. I bought my first house at the age 43. I am 44 now and I am to a single mom with two daughters (age 12 and 14).

[@LCmonman]

No shame in renting! Much better than being tied to a mortgage in this economy . A house and yard requires constant upkeep. Enjoy your free weekends with your child ❤

[@jeh7079]

Living in Australia, when we where younger and both working full time our mortgage was approx $800 per month, we paid $1000 per week. We have owned 4 houses all paid off in 5-6 years, now life is so much easier

[@chrisbaker2669]

I just paid of my house and I like my house even better when it is debt free.

[@FurryHippoFinance]

I always keep the thought top of mind if you do not have payments, and not paying interest to a bunch of lenders, you suddenly have money to keep, invest, and spend. Such a basic concept that most people do not understand.

[@markellis6887]

Great stuff Rachel but still not going to be easy especially in this housing environment. Still disgusts me the people that get paid to make our lives better continue to make them worse without them feeling any of the consequences

[@craiglawson663]

We did this when we bought our house in 2012, and we paid it off by 2019. We have zero payments for anything, and now we noticed just the other day because we didnt spend the extra 2500 we had every month and we put it away...we have a substantial amount in our other accounts. It was actually alot easier than we thought.

[@kathryncashner3294]

I bought my first house in the late 80s at 9% interest (yes, ouch!). Started by rounding up to the higher $100, so from payment 1, I paid a little extra toward the principal. No, that isn't a lot, but every bit counts. When I got a raise, the entire raise went toward paying off the mortgage. It was gone in 7 years.

[@BigPhil2024]

“According to a recent study paying off your mortgage can lead to reduced stress” 😂😂😂

[@jameszbierski391]

Wonder how much they had to pay for that study lol

[@PCKA1987]

We have about 20% of BS3 complete. I cannot wait to be paying off the mortgage early. We did recently sign up for Bi-weekly payments.

[@trebmaster]

I had hoped the bi-weekly payments would help me pay it down faster but WF said the first biweekly payment just sits there for 2 weeks and then it actually gets processed only when the second payment comes in, so really you're still paying it down at a rate of once per 28 days but that's just ever so slightly better than once per month. And BS3 is really hard if you didn't already build up a ton of momentum in step 2. Step 2 was very short for us since we didn't rack up insane college or car debt like a lot of people, but now we're housepoor even though we're just about 25% of take home pay going to mortgage. Medical is taking us to the cleaners. :/

[@01happykat]

I pay extra on my mortgage every month and pretty much always have. That said, I still focus heavily upon my retirement and non-retirement investments since time in the market is more important than how much you invest due to compound interest.

[@SavingsMinusDebt]

... but according to the laws of mathematics it's 100% impossible to contribute to retirement while having a mortgage.

[@cynthiaclark4990]

Who says that? I don't miss that 401K and Roth IRA money. I am frugal!!!

[@matthughes6379]

Depends on your rate. My rate is 2.75%. Savings accounts are now paying 5%.

[@user-tb7rn1il3q]

They won’t be paying 5% for long.

[@stephenmcdevitt8600]

They’re liquid investments at 5%. If rates drop, you can always pay the mortgage if the math works. If rates go up, and you’ve taken cash and paid a 3% mortgage, you can’t undo it. In other words, it only matters what rates are now when you are liquid.

[@peartfaldo]

its still debt. its better to get rid of it.....

[@SattvaWoodworks]

We paid ours off in 9 years. When we bought I thought I’d die before the mortgage was done. Once you get your head around it and sacrifice. When it was done it became clearer and clearer that we are taught that debt is normal…. It’s it’s not. If you have the means, I can’t recommend it enough.

[@TropicalBeatDown]

Love this video, extremely helpful! I have been looking for a more structured way to make extra payments on my mortgage and this is exactly what I was looking for.

[@mattlimberg5763]

I just switched to paying every 2 weeks and when I pay off my last debt payment, I am adding that and on a 3 paycheck month, adding $1000. Based on my amortization schedule I should turn my 30 year mortgage into a 11 years.

[@juliacarey7149]

I'm 71 years old, have a 2.99% 15 year mortgage which I've had for four years. Is it worth it for me to make 4 extra quarterly payments if my mortgage company will allow it? I already pay biweekly..

[@jonathan6665]

Sadly its not that easy in Denmark. There is a fee of 200 USD every time you want to pay extra on your mortgage.

[@peartfaldo]

thats because the bank wants that interest

[@jonathan6665]

@@peartfaldo ofcourse

[@NobodySpecial509]

I’d save up a BIG chunk for a yearly payment and make it worth it…

[@Lionheart_He-Man]

Wow, that’s…….criminal 😮

[@brettlee6325]

Not sure if Ramsey would agree but out house payment was about 3700 per month when we bought our house 2 years ago. We sold a house since that time and recasted our loan for about $300 and putting proceeds from. Home sale on our house. Now our monthly payment we have to make is less than 2k and paying extra 800 per month will pay off house in 15 years. We plan on putting every. Extra dollar we have at end of the month to hopefully pay off in around 5 years. Kept our good mortgage rate. Owe less and have a smaller payment we have to make if times get tough. Plus we can still pay off early. Let me know if I am missing something?

[@dannyrivera2]

Paying extra isn’t a hack. It’s a given.

[@wallypr1261]

I have been playing almost a extra payment every month. In 10 years total will be pay out my house! Thanks to the calculator... I will be saving 60k in interest

[@pnwflipper2089]

What is the best lender to go with to get a good rate without any sneaky fees?

[@FairBeautyEssentials]

NONE🙄…and no such thing

[@billwilliams5889]

Something I told my kids when they got their first mortgage: print off the 360-payments amortization schedule and pin in the back of your closet door. Then begin paying more towards the mortgage whenever possible. After doing this a few times, then print off a new amortization schedule and compare it the original one. You’ll quickly see that you’ve already saved $1,000’s in interest, which will entice you throw as much spare money as you can at the mortgage.

[@brandonhilton9081]

Hi, Is there something specific you’re looking for?

[@brandonhilton9081]

I would say I don’t know how I find you on KZbin, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Pecuniary backdoors* . I thank God for this wisdom. Bless you.

[@brandonhilton9081]

No worries! To find them website, just do a quick online search using their name. Easy peasy!

[@dylankramer9249]

I wish the calculator had a option to have two different types of extra payments. Example $100 a month plus a extra payment a quarter.

[@madelineeverritt8874]

We were paying $550 a month with a 5% interest. We were able to pay an extra $100 a month more. Now 2 years later, we're paying over $700 a month. Insurance and interests have gone up. We can no longer pay any extra. I know people would love to pay what we're paying for the mortgage. We live in Alabama.

[@MrWookie1981]

My property taxes are more than $700 per month. I envy you.

[@madelineeverritt8874]

@@MrWookie1981 Oh wow! I'm so sorry.

[@timopraxis]

Hoping to pay off the house one year from now. We've been paying extra for the last 5 years and are looking to be debt free!

[@russlea6383]

I put half down and made monthly, incremental, additional principal/escrow payments for 1 year to pay off the mortgage and maintain my emergency fund. $1k + $2k + $3k + $4k + $5k +$6k +$7k + $8k + $9k + $10k + $11k + $12k = $0 balance.

[@HLD0205]

@rachelcruz when you advise to make extra payments quarterly, do you mean principal only, or do you mean make the full payment including escrow quarterly? I'm trying to budget that in and makes a huge difference.

[@charityneverfaileth22]

She said extra payments are to principle only.

[@HLD0205]

@@charityneverfaileth22 I understand that the extra payments are to principal only. My question is should the extra payment be equivalent to a full monthly payment, or should it be equivalent to the principal portion only. For example, if my monthly payment is normally $150 which includes $50 to principal, $35 to escrow, and $65 to Taxes, do I put only $50 as the extra payment to principal or do I put all $150 toward principal? I don't believe that only the principal portion of$50 as extra payment quarterly will pay off the house in the timeframe she mentions according to the calculator she provided.

[@gabrielmarin4593]

What if instead of waiting all that time to finally invest more money since all your extra money is going towards paying off the house early, you keep paying your house off at the standard payment and start investing the money you would’ve put to the house earlier?

[@JOHN327]

I’m assuming this method will also get rid of PMI faster as well? 🤔 I’m on Baby Step 2 and racing to get it all done by my birthday, so I’ll work on this when I can. Thanks Rachel

[@saraareed5477]

So what would your advice be to someone who doesn't have a mortgage yet?

[@SolutionBuffet]

I would say pretend that you have a mortgage and instead of paying it off save the money. If you will buy a house in less than five years maybe it's best just to put the money in a savings account at your bank and don't invest in the stock market. The more down payment you have the lower you will pay in interest expenses over the years. Use a mortgage calculator to see the effect for yourself. This is of course privided that you don't buy more house than you can afford. What I mean is, let's say if the bank requires 10% down payment and you have saved up 30% then you should not be tempted and chose even a bigger more expensive property just because it looks like you can afford it just because you have more down payment. According to Dave Ramsey your monthly house payment should be less than 25% of your income. So if you can keep it lower than that by putting down more money and keeping the interest payment down, the better. And then you will be able to pay off the mortgage much faster or on the case if unforseen events like loss of income, increase in interest rate and so on you won't be as stressed. Our bank required a minimum of 15% down payment and we put down 30 % and although we could get a 400k $ property we didn't feel comfortable with it and we bought a 250k $ condo instead. Fast forward a few years later, my wife lost her job due to sickness, interest rates want up and my salary is stagnant. Yet we can still manage because we did save up big for the down payment and we did not over buy. Just make sure the money you are saving will not end up being spent on a car, vacation,etc. It's for the house.

[@charityneverfaileth22]

If you are saving up, save it in a vanguard savings account MMA. It's completely liquid and at the moment it will pay you more interest than a bank which is great.

[@AnonYmous-UserNotFound]

I took out a 30 year mortgage just under a year ago. Current rate is 5.88% and my fortnightly repayments are 43% of my income. Using a revolving credit facility to pay it down faster. According to the amortization schedule I’m 2 years ahead of schedule already. Goal is to pay it off in 13 years!

[@myutoob2011]

Our P&I is less than most car payments. Living in Florida, our taxes and insurance are more than double the P&I. We're still paying extra at 2.99% but it just won't be a windfall that most see.

[@Kry1906]

Does anyone fact check her stat on % outright homeownership in USA- 40% seems incredibly high- where is she pulling this data from?

[@goldrush7293]

So, paying extra quarterly is better than monthly ?

[@terrencemcphail5782]

no only 4 quarters 12 months

[@mytownyourtown]

We just bought our first cookie-cutter house in 2022 (more like a jell-o block) and already talking about when and where we'd like to move again. We only had 10% to put down but we've been paying 3 to 4K in additional principle payments at least until we get PMI knocked off then will likely drop to $2500 additional principle after that. I'd like to pay our house off before moving which I expect will take around 7 years. I hope we can last that long here. Unfortunately for the area we want to be we'd be looking at double or more to move up in house.

[@humbleshootertm2687]

Dave Ramsey said making biweekly mortgage payments doesn't pay off your house sooner. Can someone please help me with this?

[@Nothing0873]

The only problem i see with paying off home is one you don't get to claim your interest payments on taxes. Also property value is way higher than it used to be. Our city, county, and homeowners is around 3500 per year that you still have to pay. But paying off early does save a lot of money on interest. Our interest rate is 2.3%. We pay bi-weekly and add 100 dollars extra per month so we are close to two extra payments per year. So we will pay our house off in 22 years.

[@mikedy8496]

I paid off 12yrs on a 4.75% interest rate without making additonal payments on a 30yr loan. Is it too late to make monthly additional payments now towards my principal? 🤔

[@MayurPatelZA]

Nope. You're still paying interest so it all helps. Each extra payment brings the final loan payment date closer

[@gloriaalex11]

Start with your August payment. Figure out how much extra principal you can afford, and budget for that every month. It adds up. And unlike a re-fi, you're not locked into the new amount, so if you have an emergency or a bad month, you can just make your original payment and be okay.

[@terrencemcphail5782]

@@gloriaalex11 that is y the 30 year is better u have cushion if need backdown for a few months

[@carmellabuhrmaster3418]

Excellent information. Thank you Rachel!

[@sarahbennett7235]

This is mine and my husbands goal- we will pay off a 30 in 15 years even with a 7 year gap on one income due to children. I would love to take that money and invest, however for us to dump the amount of cash we are into an older home we will then have to address all things we are not fixing now- like new roof, siding and deck all of which are in need of attention. We drive older cars and own them outright and have no student loan debt- but it seems that there is always something that will demand the cash we were spending on a mortgage. Still hopeful this will be the best road in the long run.

[@CJ-vz5bl]

I'm 26, no debt, just bought my first townhome with a 7% interest rate. I am blessed to make a good income and throwing every dollar i can at the mortgage, hoping to have it paid off in under 3 years👍

[@FairBeautyEssentials]

This is my long-term goal is to pay off my house between 5 to 7 years, I have a 30 year mortgage. Interest rate is 4.75%.

[@GabrielMartinez-sd8pc]

The quick hack is buying a home 4 years ago at 3% interest and act like inflation doesn’t exist where all the extra money that you did have to pay more debt goes to food, insurance and utilities.

[@lorenadugan6355]

Kind of wondering why you don’t look at the camera half the time??? Love your channel and guests. ✌️

[@jameseroh6544]

My mortgage has a 2.87% interest rate. I got the $244k 30 year loan 2 years ago. I don't follow directions well. I paid the payment only one month, and paid around double to triple all the other months. One pitfall that I have noticed to having a house paid off. Is that real estate scammers have an easier time stealing a paid off house or property.

[@brandonhilton9081]

Hi, Is there something specific you’re looking for?

[@brandonhilton9081]

I would say I don’t know how I find you on KZbin, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Pecuniary backdoors* . I thank God for this wisdom. Bless you.

[@kokonutt86]

Hi. My property is under my name. I would like to add my wife. Im about to pay off my home in 2 months in ca. Is it better to add her before paying off or wait for the title and add her? What is the best method by going about this? Quitclaim? TOD? Any suggestion?

[@terrencemcphail5782]

y add her at all it is urs

[@angelao.beckford6052]

My mortgage Bank not allowed me to make biweekly or quarterly payment

[@terrencemcphail5782]

just add extra to your monthly it should go to principal

[@breezybre2670]

Why is their back ground music? It is very hard to hear Rachel with the distraction of background music .

[@dwayne75]

Doesn't make sense to me, if you are paying 3 or 4% on your mortgage. If you invest that same extra payment into any reasonable EFT and get 8-10%, you will end up with more money.

[@RosalieXimenes]

Net worth truly snowballs after $100k! Keep investing regularly and you'll be blown away how much it can change in a few short years. Here's to $1 million and to FIRE!

[@AnsjeHarris]

My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to make investments. Saving is great but investing puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to my FA, my portolio is doing really great and im proud of the decisions i made last year.

[@LouxCazaree]

investing is a journey, not a sprint - take your time, stay patient, and stay focused on your long-term goals, have someone guide you.

[@PaulStaniscia]

this is definitely superb! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation

[@LouxCazaree]

Marisa Michelle Litwinsky is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@PaulStaniscia]

I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.

[@rogerpullin8997]

it seems like most of the folks watching this, don't need to watch it, they are with you or ahead of you, the folks that need to watch it are busy on social media, whatever that is, or watching football or basketball, or worried about what their friends are buying, or wearing or driving. pay off your debt, live FREE

[@negativeonhand]

Paid mine off years ago. It's pretty awesome..

[@baleslydia2009]

1200 mortgage payment?? I want this so bad!! My husband and i grew up and live in oregon and the older nit updates homes are going for around 300-350K. For more updated homes is 400k and this is homes without land. Interest rates shot up right as my husband and i got pre approved. Maybe we need to move to tennessee😂 though all our sypport is here

[@AlyRDX95]

40% of homeowners own their home outright, but I'd love to see the stats on the totals of people who do not live at home, and the percentage of them that are homeowners (with or without a mortgage). It's harder than ever to get into the housing market, and I feel that people with large investment portfolios may skew these numbers. Perhaps not, may have only accepted numbers for primary residences.

[@stephenparsons6011]

At 3.375 fixed, we are roughly twelve percent loan-to-value. My investments make more than twice that rate. I cannot eat a paid-for house.

[@ivelissejimenez2344]

Even if I paid it off , the corrupted system , politics ect. , will make it difficult to pay the house insurance and taxes. What you can say about that ?

[@UghUgh1234]

Control what you can control.

[@ihaveadreamformykids4400]

But imagine the amount of money you could be saving for 30 years after paying off your mortgage. That is huge! Instead of giving it to your bank, invest it yourself.

[@edwinroyal9734]

It's called the American dream for a reason. Most people in the world can't imagine the luxury of owning a home and nice cars. Most first world countries have higher taxes than the US. Consider yourself blessed.

[@davysmith8569]

true, but you still own the house, where your neighbor is still paying the house+ all the extra taxes and insurance for 30 years.

[@sethkearl8056]

Bruh, she’s not a fortune teller.

[@Fred2-123]

Paying extra principal is risky. Better to put the money into a dedicated savings account or investment account until there is enough to pay off the mortgage all at once. If the SHTF on you and you get foreclosed, the bank does not return the extra principal you paid.

[@brandonhilton9081]

Hi, Is there something specific you’re looking for?

[@brandonhilton9081]

I would say I don’t know how I find you on KZbin, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Pecuniary backdoors* . I thank God for this wisdom. Bless you.

[@brandonhilton9081]

No worries! To find them website, just do a quick online search using their name. Easy peasy! 😊

[@escottn]

8yrs for my wife and I. Freedom!!!!

[@NickSealPueo]

Sounds nice, although for people trying to buy houses today I don’t see how this is very realistic. Housing is some of the least affordable it’s been in a long time.

[@fdllicks]

I spent 15 yrs working my tail off to pay extra and pay off the house. Just as i got there, the wife divorced me and took the house. Yeah!!! Life is great!!! I then started a whole new mortgage!!!!! Age 50 with a brand new mortgage. Life in America is great!!!!!

[@h.smith.6586]

I worked in a bank in the 90's. I was told to pay $10 more a month per year and make one extra payment, at that amount, you can pay it off in 17 years on a 30 year mortgage. So, in 10 years you're paying an extra $100 per month.

[@brandonhilton9081]

Hi, Is there something specific you’re looking for? 😊

[@brandonhilton9081]

I would say I don’t know how I find you on KZbin, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Pecuniary backdoors* . I thank God for this wisdom. Bless you. 😊

[@brandonhilton9081]

No worries! To find them website, just do a quick online search using their name. Easy peasy!

[@Jamcore2008]

Yea making extra payments is not feasible for most people in this environment .

[@kimwieczorek1879]

❤we did it twice!!

[@lilixqueen97]

This message is to recognize your contribution to the team’s grant approval success. Your commitment had been exemplary and your hard working is an inspiration to everyone around you. You’re a professional MYSTICFLIP

[@Greggsberdard]

I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.

[@TheMusicscotty]

220? There is not one house for that cheap at any size - even a townhome in lebanon TN or basically anywhere in TN tbat isnt the absolute sticks.

[@brandonhilton9081]

Hi, Is there something specific you’re looking for?

[@brandonhilton9081]

I would say I don’t know how I find you on KZbin, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Pecuniary backdoors* . I thank God for this wisdom. Bless you.

[@brandonhilton9081]

No worries! To find them website, just do a quick online search using their name. Easy peasy!

[@kathleenr8839]

What if you hate your house and you want to sell it in like three years?

[@brandonhilton9081]

Hi, Is there something specific you’re looking for?

[@brandonhilton9081]

I would say I don’t know how I find you on KZbin, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Pecuniary backdoors* . I thank God for this wisdom. Bless you.

[@brandonhilton9081]

No worries! To find them website, just do a quick online search using their name. Easy peasy!

[@davysmith8569]

yep put all that extra money to principle payments, get it over with. Im always alarmed at the amount of older people that dont own their house.

[@benandersonn12]

This is a great video ,I learn a lot watching your videos and it has been helpful to me. Building a steady income is quite difficult for newbies...Thanks to Mrs.Jane Mazzone for improving my portfolio. Keep up with the good videos.

[@Roselerma]

l also invest with Mrs Jane Mazzone, she charges a 20% commission on the profit made after each trading session, which is fair compared to the effort she put in to make huge profits.

[@Anthonyjeff56]

This is not the first time I am hearing of Mrs.Jane Mazzone and her exploits in the trading world but I have no idea how to reach her..

[@Betort44]

She is really great at what she does with amazing skills, she changed my 0.1BTC to 2.1BTC within two weeks of trading, I am now fully confident that she is reliable.

[@benandersonn12]

She's mostly on Telegrams

[@benandersonn12]

FXMAZZONE💯 IS her USER NAME

[@TheMusicscotty]

I literally dont know anyone who owns their own home. Not one. And i live in Nashville and almost everyone i know has a mortgage of almost double the fugure used. No offense, but can we please get a video update to this? This doesnt fit reality if the numbers of anyone I know.

[@MrDark21knight]

I've started overpaying my mortgage

[@jdemille79]

Only $1,200/mo for a mortgage? What is it a tiny house?

[@brandonhilton9081]

Hi, Is there something specific you’re looking for?

[@brandonhilton9081]

I would say I don’t know how I find you on KZbin, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Pecuniary backdoors* . I thank God for this wisdom. Bless you.

[@brandonhilton9081]

No worries! To find them website, just do a quick online search using their name. Easy peasy!

[@SeanHenigan]

The video was a little hard to watch due to the constantly-changing camera angles. But, otherwise a good video. Great information, too.

[@brandonhilton9081]

Hi, Is there something specific you’re looking for?

[@brandonhilton9081]

I would say I don’t know how I find you on KZbin, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Pecuniary backdoors* . I thank God for this wisdom. Bless you.

[@brandonhilton9081]

No worries! To find them website, just do a quick online search using their name. Easy peasy!

[@terrencemcphail5782]

I recommend getting 3 to 6 months ahead on mortgage, then pay principal only for 3 months then get back to 6 months ahead that way if something happen u not in panic to pay mortgage. What i do and when i get 6 ahead that principal fall fast when u drop 500 a week principal

[@Euphoftoday]

It's better to put the extra payments into a high interest savings account, as you'll have something left over instead of nothing.

[@MrDark21knight]

Wrong