How to Pay off Your Mortgage Early! Proven Tips to Reduce Mortgage Debt.
Bonus video: What happens when you make your last mortgage payment? • What happens when…
Todd and Oana talk about how to pay off your mortgage early and give tips and techniques to paying off a 30 year mortgage early. These techniques can also be applied to any other loans including car loans or student loans.
Some of the techniques include making bi-weekly mortgage payments, an extra mortgage payment each year, an extra payment each quarter, pretending the loan is a 15 year loan, recasting, or simply making a final payoff on the loan.
Despite historic low interest rates in the housing market, there are still many good reasons for paying off your mortgage early. The rule “any interest is bad interest” comes to mind. Additionally, Congress has removed many mortgage tax deductions for homeowners and continuing to pay even 4% interest is money better spent. Remember that the banks are loaning money to you for a mortgage because they are making money doing it, which means you are on the wrong end of the transaction.
Additionally, there is nothing better than paying off your mortgage, being debt free, and owning your home free and clear.