How To Pay Off Your Mortgage Faster (THE TRUTH)

Do you want to pay off your mortgage faster? It's possible! But it's also NOT EASY.

In this video I share 7 strategies to help you pay off your mortgage faster.

Here's some ways to pay off your mortgage faster:
1. Understand your mortgage & how it works.
2. Set up biweekly mortgage payments.
3. Make extra payments toward principal.
4. Make big lump sum payments toward principal.
5. Refinance your mortgage if helpful.
6. Rent out rooms (house hack to mortgage freedom).
7. Downsize your house and mortgage.
Bonus: Avoid risky schemes to skip the hard work!

Want more mortgage payoff videos? Check out these:

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RECOMMENDED:

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BUDGETING:

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CONTACT ME:

Mary
P.O. Box 240981
Memphis, TN 38124

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**The information provided should not be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities and should not be considered specific legal, investment or tax advice. Investing entails risk, including the possible loss of principal, and there is no assurance that the investment will provide positive performance over any period of time. I am not a professional and this channel is for entertainment purposes only. Do your own research!!

*Affiliate links. I get commissions for purchases you make through links shown here. It doesn't affect your purchase in any way and the commissions help support this channel. I only recommend items I personally use and appreciate the opportunity to share.

[PenniesNotPerfection]

In this video I share 7 strategies to help you pay off your mortgage faster. Pick one that works for you!

Here's some ways to pay off your mortgage faster:
1. Understand your mortgage & how it works.
2. Set up biweekly mortgage payments.
3. Make extra payments toward principal.
4. Make big lump sum payments toward principal.
5. Refinance your mortgage if helpful.
6. Rent out rooms (house hack to mortgage freedom).
7. Downsize your house and mortgage.
Bonus: Avoid risky schemed to skip the hard work!

Want more mortgage payoff videos? Check out these:

[GODLEYSHOTZ]

Paying off your mortgage is a HUGE accomplishment. I’m looking to have mine paid off next month right before my 30th birthday. Super excited. How I did it, was making extra payments everything month and applying straight to principle. Over the 5/6 years of owning the home, I only made the exact mortgage monthly payment twice. Second, I applied your bonus/ extra money method. Whenever I got a bonus at work, I threw it right at the mortgage. Others at work bought new cars, or other tangible things but I threw it at the mortgage. Getting your mortgage paid off early will get your future self to thank you.

[joedessenberger]

30 year mortgage paid off in 9.5 years. Paid extra principle only payments each month. Have to do this early in mortgage lifecycle when a single extra full payment paid directly to principle can knock out several future payments. For the first 15 years of a 30 year mortgage, almost all the payment goes towards interest.

[katiejon]

We are a single income family, living on a gross yearly of $57k. We live super simply and are able to put between $400-$600 extra a month towards principal on our 15 year mortgage. Now, my 72 year old father lives with us and he pays for our heating oil, so we are definitely doing a form of “house hacking”. But we also live very bare-bones and it is so worth it. We are on track to (God willing) pay off our house in 2.5 years, and that will be 5 years after purchase. We are so excited because before this, we worked for 6.5 years, on a a gross yearly income between $42k-$52k during that time, and paid off $145k in debt (that included about $40k remaining on a previous mortgage). So we’ve already tasted to the freedom of consumer and school loan debt free!

[rachaelv]

I love mortgage payoff videos. I can’t wait to get rid of pmi and increase the extra I put towards my mortgage.

[darlameeks]

This is a great idea! I bought my condo with a 30-year fixed mortgage at almost 5%. Two years later, I refinanced at 15 years with a 2.75% interest rate. I've paid bi-weekly since the start, and have been paying $200 extra towards the principal every 2 weeks. Last year, I was able to pay a lump sum of $1, 000 towards my mortgage principal. All that adds up to almost $25, 000 I have paid towards principal since I refinanced. I have reduced my mortgage time by 14 months so far, and that is rising, and have saved more than $4, 400 in interest (also rising).

[johndeanconway]

Great advices, totally agree with you. I'm doing both, setting aside to invest for more interest and put some money towards offsetting my mortgage debt.

[catgodfrey]

Great video. The information is priceless 😊

[APinkeClothlife]

Thanks Mary this was a wry helpful video. Never had heard of velocity banking.

[solothegreat]

I agree with your opinion on the heloc. Great video

[chaosdragun]

Finally a video utilizing simple math and no shortcuts with sketchy math that doesnt quite check out.

Personally paying extra each month and on the path to paying off in 3 years.

[GabrielaCruceta]

Thanks for posting this, it was very helpful and easy to understand!

[kadilaansalu]

So interesting to hear about mortgage in US. I was a banker in Europe for 14 years and paid down all my loans, including mortgage before 40. I suggest adding also no 8 - make as short mortgage agreement as You can - 15 instead of 30 years. AND never forget to invest! Usually investments grow faster than the mortgage %. :D

[tcliveaction]

Very good advice
Unfortunately we had to get a new reliable vehicle so instead on making double payments on the mortgage right now we are doing that on the car so double payments plus tax refund will go to paying off vehicle then gonna start on the house again. Glad to hear that you are not steering people in the wrong direction

[sandrafromscotland]

Brilliant Mary 👏 Another helpful video 🌱

[appleforever]

Moral of the story: Don't buy crap and pay down your house!

[Oglulubell]

I have a condo. It didn’t make sense to refi since interest rates on a condo are higher. Wasn’t worth another 12k in closing costs to lower my payment by 100.00. The rep at the bank sounded desperate which raise my hackles too. He kept saying but you’ll recoup the 12k in 5 years! I said Neh, I’ll just make extra payments going forward. 😊

[timsilva]

Start paying extra towards the principal asap. The sooner you do this the better, as it reduces the balance and thus the interest being paid. It has a compounding effect much like saving for retirement early in your life.
I started with my very first payment and averaged around $150/ mo. Larger payments when I got a bonus or worked lots of OT.
Reduce your tax withholding by claiming more dependents, so at tax time you break even, instead of counting on a big refund to pay extra principal once a year. Again, the more that's paid earlier equates to much less interest long term.

Edit: Use an online mortgage calculator that can apply monthly and/or annual extra principal payments. Play around with different scenarios to predict the outcome and payoff date.

[craigrider]

velocity sounds good, its probably helpful for a short period, but i think it would be really hard to stick to it over long terms.

[righttolearnrighttolearn]

Hey mam i have some queries about "partnership financial account" how can solving my queries?..