How to Pay off Your Mortgage Faster (The Truth)

#schoolofpersonalfinance #personalfinance #financialeducation #financialplanning #financialfreedom

Wouldn't it be great to pay off your mortgage in only 5 years! I wish that there was a magical secret I can share with you, unfortunately, that is not reality. In this video, I am going to teach you how mortgages and home equity lines work so you can decide the best way for you to pay off your mortgage early.

I share my five best tips for you to pay off your mortgage as quickly as possible. I am also going to show you how paying extra principal payments can dramatically reduce the amount of interest you pay over the life of the loan.

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To Becoming Great with Money,
Rich McCormack, CFP®
School of Personal Finance

[SchoolofPersonalFinance]

Here is a link to the mortgage calculator!! Shout out to @Kirk McGurk for finding it.

Always a hard choice to pay down the mortgage or invest...I would rather invest and keep paying the normal payment on my mortgage. I think I will focus on it a little later on in life.

[FennaVa]

My payment was $2415 month. We would pay an extra $500 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 $2915 a month. We plan on still paying $3700 a month but are now going to do bi-monthly payments.

[johnben]

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.

[Rochelletrem]

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.

[instinctively_awesome]

50 now, and everything is paid for. Fortunately, I had a college economics teacher who taught me a lesson when I was 18 years old. That lesson was: you can't buy something else for every purchase you make. Having multiple sources of income is prudent, as is living within your means. I have a 13-year-old vehicle because it is all I need, I like it, and I can do whatever I want with it. My net worth is $4 million, and I can pay my bills without stress, but I don't live like I have that. I have no complaints.

[GillerHeston]

For newbies, be aware that this is a grossly oversimplified scenario. For one thing, you can't get a mortgage on an investment property without at least 25% down payment. Two, it's easy to see comps for house purchase prices, but it takes a lot of research to understand the comps on rent prices. The trick is to find a place where renting is more expensive than buying, but those places are less common because of this very type of scenario. Three, you have to remember that rent number he's using is supposed to be net income, not gross. So you have to think about costs for taxes, insurance, maintenance and vacancy when you're researching investments. All that said, real estate investing is a good tool for wealth accumulation. But it isn't foolproof.

[esther.]

A crash in the stock or real estate markets has less of an immediate impact on people's standard of living than inflation. That the market is so negative at the moment shouldn't be shocking. If we are to survive in this economy, we need assistance right away. The ETF and stock markets are still quite volatile, just like the property market. Now all that's left of my $370, 000 portfolio is ruins.

[Jamespearson]

Just what I needed to watch.
My wife and I are directors of our farm business and own property, plus small pensions. I am nearly 55, my wife is 52.
We have started to save to retire from the farm, and possibly live on rental income, I'd really appreciate you go LIVE and talk about how to earn passive income online and retire comfortably, let’s say $1M.

[debbieframpton]

I took a 30 year mortgage paid off in 14 years best thing I ever did

[darnellcapriccioso]

I'd be retiring or working less in 5 years and I'm only curious how people split their pay, how much of it goes into savings, spendings or investments?? I earn around $165K per year but nothing to show for it yet

[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?

[kirra]

I have 2 chapter 13’s that are dismissed. The reason I have 2 is bcz I did n+ot use an attorney. I was trying to stop an eviction, but when I went to try to add another month’s rent to the bankruptcy, but the guy filed another one. About a month later, I ended up losing my job. They are scheduled to fall off in January and March 2021. Since I’m looking to purchase a home soon but still there. I am currently enrolled in *850CREDIT RESTORATION* and I must say, I am loving it thus far. I’m doubling it up with your podcast videos and learning A LOT! Thank you. I’m ready to join the millionaire club!!!

[LukeDiogo]

The collapse of Margin debt leads to a decrease in stock prices and trigger a wave of selling as investors try to cover their losses, Buying a stock is easy, but buying the right stock without a time-tested strategy is incredibly hard. Hence what are the best stocks to buy now or put on a watchlist? I’ve been trying to grow my portfolio of $145K for sometime now, my major challenge is not knowing the best entry and exit strategies ... I would greatly appreciate any suggestions

[Alternatezoid]

Picking between paying my mortgage early or investing was nerve-wracking at first but being an avid reader, I came across a report by Northwestern Mutual on the same topic and found that if I choose to put a lump sum into solid investments, I am more likely to have a higher balance over time. Being a novice at the time, I saw that as a queue to get into the market. That was quite the turning point in my finance.

[bunny_smith]

The key to paying off your mortgage early is to stop spending money and put every extra penny you earn to principal.
At the beginning of the pandemic this single schoolteacher had a mortgage balance of $75K. I put every penny of my stimmy checks, tax returns, summer school, checks, and 2 extra classes over 2 years to my mortgage. Also, I spent virtually no money beyond bills and food. Cancelled EVERYTHING. And I also saved $300 per month. It's paid off. This December...it's GONE and I'm debt-free! I'm so excited, I can taste it.

[jessicaglover]

I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying it's ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains with months, I'm really just confused at this point

[baitalivlogs]

Wealth is not just about finance, but health and wellness is critical especially in our black community! No need to have stuff and money if you don't have your good health? Rick Ross finally understands this truth now! What does it profit a man/woman to gain the whole world if you don't have optimum health to enjoy it all! Let change the mindset about the diet & wealth in the black community so we can all go up together! Above all things... I wish that you be in good health and prosper even as your soul prospers! God bless you brothers! and remember to use *850 credit restoration* for your bad credit and negative credit marks and inquiries removal

[viking]

I've only had 1 30 year mortgage. The last 3 mortgages have been 15 year. If you want to pay an extra payment. Divide your monthly payment by 12, then take that amount and apply it to principal only.

[washingtonconsultants]

I paid off my mortgage last year. Yippie!. No more debt for me

[kendrickmason]

I usually thought paying off my mortgage earlier was a good idea till I came across my financial advisor/portfolio manager who advised me on the right to do .