How to pay off your house fast. Simple tips to pay down your mortgage quick. Home payoff tricks

How to pay off your house fast. Simple tips to pay down your mortgage quick. Home payoff tricks. Paying off mortgage fast

How to pay off your house fast. Simple tips to pay down your mortgage quick. Home payoff tricks video duration 14 Minute(s) 47 Second(s), published by Ty Wilde on 21 09 2019 - 14:41:54.

Tips, tricks and strategies to pay off your house fast
Simple strategies to help you pay off your mortgage early
This video will save you tens of thousands Payoff your mortgage faster
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Tips, tricks and strategies to pay off your house fast. Simple strategies to help you pay off your mortgage early.
This video will save you tens of thousands & possibly hundreds of thousands of dollars over your life as a homeowner. Here's some strategies that will help you pay off your mortgage fast. To pay off your home quickly you’ve got to attack the principal on the loan for your home. If you look at an amortization schedule, you’ll notice that in the first 15-17 years of your mortgage that a majority of your payment goes toward interests. Wouldn’t it be nice if you could fast forward through the first several years of your mortgage? Good news, you can. You shouldn’t leave money sitting in a bank. Your cash should be used to make more money or pay down debt. We’ll talk more about this in a bit.
So, here’s an ugly stat. If you take 30 years to pay off your mortgage, you’ll pay nearly double of what you paid for your home. But homeownership is still your best option by far.
Renters check out my video… Paying Rent vs. Buying a Home. https://youtu.be/xicMmM7rx0w
Ty Wilde is Utah's best real estate agent on YouTube with dozens of videos on all things related to real estate. Ty the Real Estate Guy is Utah's best real estate agent on YouTube for New home construction videos. But, Ty Wilde also has some of the Best Videos on buying a home, selling a home & Real Estate investing. Be sure to Subscribe for the best real estate videos on YouTube.
Here’s how to pay down your mortgage early. This is a great trick if money’s tight & you can’t afford to throw extra cash toward paying down your home. Simply make half of your mortgage payment 2 weeks before it’s due. Then make the other half of the payment 2 weeks later, instead of waiting to make the full payment at the time it’s due.
For those of you that have some cash, this strategy is a simple way to knock 5-7 years off your loan. Resolve to make a half payment every 2 weeks. I know, it sounds like the plan I just talked about, but it’s not. By doing this, you’ll end up making an extra payment each year.
There is a simple way to make double payments without breaking the bank. This is a great way to pay off your home super quick, maximizing the amount of money that goes towards your principal. To make a double payment, just add the principal due on the next mortgage statement to your normal payment with a note to the lender to apply it to the principal. This should be fairly easy to do for the first several years because the percentage of your payment going toward principal is pretty slim. If you follow this strategy, you’ll pay off your home in half the time.
If your budget only allows you to apply an extra $200 to principal each month, that’s fine. Do it!
Here’s my best advice for paying down your mortgage quickly, if you can swing it… Set your phone calendar to go off every 2 weeks. Most people will set up the timing for this, with the day they get paid. At that time, you’ll make a half payment + apply a little extra toward principal, whatever you can afford to contribute without breaking the bank. By combining these two plans, you will pay off your mortgage years early.
There’s one last strategy I’d like to mention briefly before I share my plan to help you build wealth through RE. Let’s say you want to pay off your home in a certain amount of time, like 10 years. Just google amortization schedule calculator, then input your loan amount, your mortgage rate, & the number of years you’re aiming for. The amortization schedule calculator will tell you how much you need to pay each month to accomplish this goal.
Paying off debt is noble. But, as a investor you can’t pour everything into paying off your home, or you won’t have cash to buy investment properties. If you remember the 3-10 RE strategy, you only need to buy 3 properties over a 10-year time frame to become financially independent. Yes, you’ll need to make sacrifices, but the quicker you can acquire 3 properties, the sooner you can retire. Think about that for a moment & consider this. Investing in RE, buys you days in the future that you won’t need to work. I have other videos that explain this in-depth so I won’t go over that now, but you’ll probably want to watch them.
HERE’S a Link to these videos…
The #1 Millionaire secret to building wealth - https://youtu.be/SQwSxJf7g1M
Assets vs. liabilities - https://youtu.be/cKCO1bt5dPk
When you’re considering a mortgage pay off plan, choose a plan that will allow you to put money into savings so you can also purchase investments properties. Real Estate has proven to be the most profitable & safest investment one can make. Purchasing RE will allow you to travel, pursue hobbies, & spent more time with loved ones while many others your age & older are still slaving away at their jobs. Wouldn’t it be worth it to make some sacrifices today that will greatly benefit you in the future?