How to pay off your mortgage FAST!


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44 Replies to “How to pay off your mortgage FAST!”

  1. I like the concept of a lump sum payment. You can get the whole family involved at an early age so they can grasp the importance. Mortgage is usually something your parents stress out about at the dinner table when the kids are trying to sleep.

  2. I started watching your videos lately and I want to thank you for all the support, free advice and encouragement you share with us! 🙂
    I am now considering several options to start my own passive income – this is thanks to you! :)

  3. That example of the lump sum ($5,000 per annum) combined with $200 per month is amazing!!!! Debt free eleven years earlier! Very motivating. Thanks for making it so clear. Hard to resist ignoring that powerful repayment strategy.

  4. Hi Canna, I have a question.. So if I pay more than my monthly payment, does all the extra money go towards principal amount? If not how does the extra money factor in to principal amount and interest payment?
    Looking forward to your answer.
    Thanks for the Informative video.

  5. Of course you should pay your mortgage off as fast as you can. Who doesn't know that? This is equivalent to telling people they should save money, or how to save money. Everybody knows these things, it just takes will power and discretion to do it.

  6. I would of mentioned paying weekly rather than monthly as you squeeze in more payments per year, also as interest is calculated daily you would be paying more principle assuming your daily accounts are not offering your loan.

  7. Great advice – there are mortgage products out there that help you pay off your mortgage faster without adding extra payments. The 30yr fixed is the MOST expensive mortgage you can own. There are more tricks out there to beat the banks. Good info on what you have posted.

  8. What do you think of having a personal line of credit (say 10k), dump that lump some in the mortage, then dump the house income in the personal line of credit use it as a checking account. If I can save 1000K a month, I would pay the PLOC in 10 month. At which point, I can repeat that operation and reimburse 20K in just 20 months.

    On a 30 year loan, reaching just the 10K reimbursed mark would take a few years.

    I looked at a PLOC and even with a 9.25% interest over a year and a payment of 1000K over a year, it would cost me about 300$ in simple, not compounded interest and appears still way cheaper than the house interest. I suppose that once the house interest reaches around that mark, it's best to switch back to to checking account.

  9. 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 without me putting most of my money to it. Please correct me if I'm wrong but it seems like the best way. You would be rent free because they are paying for it. I'm 17 from London so it is a bit expensive and I'm too young right now. I'm working to towards becoming a structural engineer so it is a reliable job.

  10. Except this doesn't work if you are on a fixed mortgage right?

    Also, if you don't live in the home but it's an investment property – am I better off moving all my spare money into the mortgage or should I keep repayments at a minimum, leverage tax deductions and invest my money in funds?

  11. if we all stood up and fought the banks no one would be suffering because fractional reserve banking is a scam that has the whole world in debt …….you borrow 200,000 but the bank only has 10% of that the rest is created ….this causes inflation and in turn brings the value off our money down ……if you miss 7 payments the bank gets paid any way due to securitisation but the still come and take your house and our corrupt goverments allow it because the banks own them too …..time we all end this madness

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