How to Pay Off a Mortgage Quickly

Owning a home is a classic American dream. Unfortunately, in today’s society consumers have become complacent with 30-year mortgages and paying hundreds of thousands of dollars in interest. We’ve complied tips from 5 industry experts on why it’s important to pay a mortgage off quickly and how to can pay off a mortgage quickly. Follow these steps and you’ll be ahead of 98% of the population.

29 Replies to “How to Pay Off a Mortgage Quickly”

  1. Don't wait to pay it at the end of a month pay extra principle payments by the week and regular payments by the month I did and the interest on the loan came down much faster then if I had paid it on a monthly basis,I had called my Mortgage Company which was U.S Bank and made sure I could pay it using my online bill pay and that any extra payment would be going to the principle payment only- since my Mortgage was set up for auto withdraw out of my saving account,I now have it paid off use a mortgage calculator online and print out the amortization and write on it every time you make extra payments to track the loan.

  2. Dave Ramsey's a tool! And throwing discretionary income into the house is a losing proposition in this day in age! Why would anyone do that when index funds have a much higher yield? The goal should be minimum payments and then refinance to another 30 year when the opportunity arises to get a lower rate! I never pay it off! I never pay it off! I never pay it off!

  3. The monetary system is build to keep the everyone working in the economy. To get "our own homes" Americans have to borrow money from these giant corporations only if we promise to pay for over 30years, which initially was meant to serve our benefit but due to criminal interest rates, after we pay our 30year mortgage is paid off, we have paid for the equalivalent of 3 houses. 1 for you and 2 for the bank. Not to mention still having to pay property taxes for the duration of the existence of the property. I believe the government charges that tax just so they could take it if you or your children ever stopped being able to pay it. We technically never own our land..

  4. If you folks believe that Ramsey is a 'follower of Jesus' it would behoove you to conduct a Yahoo search for the mega-mansion that Ramsey lives in. It's over 25,000 sq ft! Jesus said, "It's easier for a camel to go through the eye of a needle than for a rich man to enter the kingdom."

  5. Chase don't let you make weekly payments. If you do it 6that way they hold it and use it for free unless you make a full payment. Also I do extra principal payments as often as possible. Can you tell me if it is legal for banks to limit your weekly mortgage payments as I am told I am on the pay off anytime situation. Next question
    Why can the mortgage lenders require you to keep a escrow account with money in it and use your money for free? This should be changed.
    Thank you for any help.

  6. this is Bullshit why double up on payments 1 missed payment and they will still take the house. it is better to have line of credit against house bc you can actually access the cash you are putting into mortgage

  7. So what if I pay for the deposit and it's a four bedroom place. I want to either let friends or appropriate candidates live there and pay me their monthly rent I set for them, this in turn would pay my mortgage off with out me putting most of my money to it. Please someone correct me if I'm wrong but it seems like the best way. You would be rent free because they are paying it.

  8. someone told me that muslim banks do NOT charge extra pa yments to muslim customers if they buy a house through that particlular bank.
    if that is true, you do not have to pay INTEREST RATES if you become a muslim.
    now, how come people are too slow to convert? i mean, look at all the money you save over , say, twenty five years.

  9. So does anybody have the interest for each payment on a 30 year loan at 4%? Obviously it isn't 4% a month because of front loading, but what is it per payment? And with the tax deduction, what does it come out to? And knowing I get between 7% and 10% in a stock market index fund/ETF, would the liquidity be better than being "house-poor"?

  10. easiest way…take your monthly payment divide by 12 months and add that extra each month…one extra payment a year. knock off 5-7 years. i dont like bi weekly payments..gotta pay all kinds of fees etc..

  11. Its good to have a paid off house but you still have to pay the damn property tax every year. You shouldn't have to pay property tax if you paid off your mortgage or you are over 50 years old.

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