Tips, financial advice to pay our mortgage off as early as possible.?
Question by : Tips, financial advice to pay our mortgage off as early as possible.?
I am looking for tips on how to pay our mortgage off as quickly as possible. I am debt free other than a mortgage, no credit cards, vehicles or personal loans. My husband and I want to get that mortgage down quickly… any advice.
Best answer:
Answer by PITBULL
Make one extra payment per year. On a typical 30 year fixed mortgage that should cut the payoff time down to about 22 years give or take. If you have even more money to save, because that’s what your really asking, then open a Roth IRA and max it out. The value of compounding interest over time, is of course, invaluable.
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Short Term Cash Advice
make double principle payments
You should also look at your monthly budget to see where you are loosing money. Most people loose a tremendous amount that magically just vanishes. Make sure you are getting value for your money.
Read the terms of your mortgage, make sure that you don’t pay extra just to have it vanish as prepayment fees. Then apply every extra cent, after you have an emergency fund, to pay down and off the mortgage.