SECRET Way to Pay Off Your Loan In HALF The Time 🏡 #shorts

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You better make sure they're applying the extra to principle, some will just make extra whole payments and that is very different. It will still help but not nearly as much.

edp-theeverydayprepper

Why this absolutely does not make sense:

At todays rate of 7.557% you would need a loan of $500, 000 to have a mortgage payment of $3500 (over 30 years). Where I live a house in that price range would rent for $2800-$3300.

I don’t know where this dude is averaging $6.5k/month on his rental income (assuming he never has a single month of no renters). If that is the case in some places then congrats but I’ve never seen it.

Cheytac

You could also invest in the market and grow that at a higher rate than interest rate or use the cash flow to buy a new property or use it on your own home mortgage so you don’t pay taxes on it while building other assets and equity in another property no?

nsawsome

BE DAMN SURE TO TELL THEM "APPLY THE OVERPAYMENT DIRECTLY TO PRINCIPAL".
Otherwise, these conniving fks will only apply it to interest and you'll get NO SAVINGS.

thisismagacountry

CORRECT. THE PRINCIPAL IS WHAT YOU HAVE TO FOC ON; > THE INTEREST👍.
😇😎🎤 .

denyasaltz

it is still always better to get a lower interest loan for a shorter time. You only pay interest on principle

nealinnc

That depends if it's a primary resident or investment loan. If that's Primary Resident under 1 year that's mortgage Fraud and if it's a investment loan than you better cough up alot more during costing.

smittywerbenjagermanjensen

But with the current inflation its cheaper to pay it later.

rubikfan

In most contract you can't pay more mortgage without paying fees as well. Not sure if it would work with thse contracts.

gmc___

Mortage is 3500 a month for 30 Thats a 1.26 mill home. That means soomeome is renting it for 7k a month and would of have paid half of it in 15 years.

Hector-xexr

better make sure the bank is actually applying it to the loan, my parents tried overpaying the mortgage and the bank was sitting the extra money aside and just pushing the due date on the next payment further and further out. my parents had to call and fight them to apply it to the loan

TheSimba

can’t do that. that’s considered a rental property.

ixstringsonfire

"Nono, i want you to keep it."
"Aight bet, free money"

yamatotakahashi

I payed money on a loan early and they didn't give me a receipt in the bank, I argued I want a receipt and had to leave the bank and my money I paid never got put on my loan, bank guy proper robbed money.

Relaxingsoundsrsawwt

Why would you want to do this? A home loan is generally the cheapest loan you can get. If you’re an investor wouldnt you want a bigger return on your money??

CallMeUbba