3 SIMPLE Ways To Pay Your Mortgage Off Faster
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- Опубліковано 24 кві 2023
- If you own a home and have a mortgage, you might feel like you're always paying it off, but did you know that you could end up paying more than double the amount you borrowed from the bank?
In this video, I will share three easy ways to pay off your mortgage faster, saving you tens of thousands of dollars over the loan's lifetime.
This video is dedicated to people who want to own their home completely and have no money left to pay for it by the time they're 50.
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*Please note that the information in this video is for educational and entertainment purposes only and should not be taken as financial or investment advice. Any investments or financial decisions you make based on the information in this video are at your own risk. The links in the description above may include affiliate commissions or referrals, and I may receive compensation from partner websites. The information in this video is accurate as of the posting date but may not be accurate in the future.
Love both Ramsay and your channel. Great content, super educational. Thank you ❤
I appreciate that! ☺️
Thank you for sharing these tips. Refi is 🔥
Welcome!
Great video-thank you!
You are welcome!
Sean, could you please make a video explaining the new changes regarding credit scores and pricing changes in mortgage pricing
Thanks for the feedback! I'll need to do some digging since this is an ongoing evolution.
Refinance hahaha! Up here in Canada, the penalties of breaking your mortgage will eat up any money you could make if the interest rate lowers by just 1%. Over here it would need to drop by more than 2-3% and of course it’s a very broad statement as this would depend on how many years you have left on your term.
Got a link to that website you were using to calculate savings? I'm about to move and be buying a new house, so it would be useful to make these calculations while I'm househunting.
Always appreciate the advice!
Hey James, appreciate you watching. Check out this link. www.ramseysolutions.com/real-estate/mortgage-payoff-calculator
Buy a duplex or triplex. Make sure the rent covers all expenses. You pay $0.00 for shelter.
If you decide to buy a home the rent for the place you live in will cover most of the payments.
Yup, some people don't want to live next to their tenants though. I haven't househacked a duplex yet, but we turn every one of our primary homes into rentals once we move out.
No i cant go without my coffee
No Shawn, start with a small starter home. Less dept less interest more equity. When you have children and you need more space you sell and buy a bigger home 🏡.
I started by buying my primary home and renting out the rooms to friends and coworkers. That enabled me to live in a high cost of living area with minimal expenses, allowing me to reinvest and grow my net worth that much faster.
I have a question Sean. So the lender set up an escrow where payments goes to. How do i pay my mortgage to begin with? How does the money go to the escrow and how to i make sure the extra payment is going to the principal and not the interest?
Great question! Since your lender set up an escrow account, your total monthly payment will be higher because you'll be making contributions towards the insurance and property taxes every month as well. The lender will then pay for your insurance and property taxes every year on your behalf through that account. If you want to make extra principal payments, then there's a form that they'll have where you can show how much more you want to pay every month and direct it towards the principal balance.
@@seanlovesrealestate Oh i see! On this form would it be a one time fill out or every time I want to make an extra payment I would fill out? Maybe this month and next I have an extra $100 to the principal but next month I have.$200 and the following month I have none. How will that work
Please how can I finish pay my car loan
I don't get the part about the 1/2 payments equaling 13 full payments in a year. What am I not getting? I am 46 and would love to do both the 1st and 2nd option. Thanks !
Since there are 52 weeks out of the year, if you pay every 2 weeks, that's 26 payments (aka 13 months of payments).
Big hat no cattle. Dave Ramsey.
75K or a cup of coffee this is a funny one because if you see the average person there tired or depressed and that cup of coffee might make them happy and more energetic so although 75k sounds nice in the long run most people would choose the cup of coffee
I think it's ok to splurge once in a while, but it's also good to know what the tradeoff is and how much you can be saving over the long run if you are disciplined.
@@seanlovesrealestate yeah i understand i dont drink coffe myself but most people are not disciplined and will buy that cup of coffe without care
I never buy coffee at a coffee shop. 5$ x 30days is 150$/month. Plus 1/3 hour wasted every morning. Get up. Put your coffee in the machine. Put your breakfast on the stove. Go to the bathroom,Shower shave. Get dressed Breakfast is ready. Eat and go to work. Up at 7 at work at 8.
Yup, agreed :)