Mortgage prepayment plan: Own your home in half the time

re: Mortgage prepayment plan: Own your home in half the time

Lisa — Thu, 02 Jul 2009 19:30:47 GMT

The first priority is to pay off all expensive credit card and other debt. Then make sure to have 6 months to a year of emergency funds on hand. Max out the 401(k) and IRA contributions. THEN if there is money left over, it makes sense to make the extra principal payments.

On a thirty year fixed, I believe you knock off 5 years by making one the extra payment per year. Cutting off half the term saves thousands in interest and makes retirement a lot more relaxing!

re: Mortgage prepayment plan: Own your home in half the time

Michelle — Fri, 10 Apr 2009 18:53:42 GMT

So, how do I pay off my mortgage within 5 years without spenidng the cash on someones book? Is there not a website out here that might suggest a plan for those of us with a 5.125% mortgage on a 5 year ARM?

re: Mortgage prepayment plan: Own your home in half the time

Dan — Mon, 20 Oct 2008 13:26:24 GMT

Overpayments are a good way of reducing your mortgage, as long as your current deal allows it. Most mortgage deals allow you to overpay by 10% of the balance per year.

It can be expecially beneficial for individuals who, for example lets say could comfortably pay £1000 per month but possibly stretch to £1200 per month. Rather than committing to a shorter term mortgage and higher payments, they can commit to a lower payment at a slightly longer term and then make overpayments every month they can afford to. In this way they can still pay off their mortgage more quickly without committing to the higher payments each month which could overstretch them.

A good mortgage broker could be helpful in explaining your mortgage options to you. the following link <a href="www.wwfp.net/.../mortgage-broker.html">Mortgage broker</a> has lots of information for anyone considering a mortgage.

re: Mortgage prepayment plan: Own your home in half the time

Dan — Mon, 20 Oct 2008 13:23:44 GMT

Overpayments are a good way of reducing your mortgage, as long as your current deal allows it. Most mortgage deals allow you to overpay by 10% of the balance per year.

A good mortgage broker could be helpful in explaining your mortgage options to you. the following link www.wwfp.net/mortgage/mortgage-broker.html has lots of information for anyone considering a mortgage.

re: Mortgage prepayment plan: Own your home in half the time

Robin — Sat, 14 Jun 2008 04:05:16 GMT

I was presented with a DVD for the money merge account. I agree with you, I can make additional payments on my own. I have downloaded the amortization spreadsheet and I will begin to make additional payments towards my principal every month. Thanks to your article, I will apply the $3,500 fee towards my principal payment.

re: Mortgage prepayment plan: Own your home in half the time

Chapman — Tue, 26 Feb 2008 10:39:01 GMT

The amount first-time buyers have to spend on their <a href="www.greenhillfinance.co.uk/.../a> is continuing to rise. Figures from the Council of Mortgage Lenders have revealed that new home owners are spending over a third of their take-home.