Like my 0% paid off debt free mortgages.
Can you do closing for refi online nowadays?
About half of the closing docs can be esigned, the rest is still in person (depends on state too).
When we locked our rate a few weeks ago 15 year fixed was 2% and 20 year was 2.25%
Where did you get the 2% 15 year fixed?
I’m so ready to start throwing extra money at my mortgage lol! Hopefully by March or May I can start. Did you pay extra every month or one large chunk once a year? Any advice on starting?
This is our current goal. We have 8 years remaining but have been paying a LOT extra in the past month which has already shaved 2 years off. Using this calculator, and our typical monthly savings, we should be able to pay it off by the end of 2022.
I CAN'T WAIT!
I am on a mission and only buy what we really need. I just want it gone!
It can be as simple as adding $100 a month to your payment. Our first mortgage was 12.25% for a 30 year (we jumped to buy a house when mortgage rates PLUNGED to that level in 1983) and our payment was $1,000 a month so we paid $1,100 a month. We refinanced 4 years later at 9% on a 30 but kept paying the $1,100. We refinanced again 4 years after that to 6.25% on a 15 year but kept paying $1,100 a month. House was paid for in 17 years from the date we bought it.I’m so ready to start throwing extra money at my mortgage lol! Hopefully by March or May I can start. Did you pay extra every month or one large chunk once a year? Any advice on starting?
I’m so ready to start throwing extra money at my mortgage lol! Hopefully by March or May I can start. Did you pay extra every month or one large chunk once a year? Any advice on starting?
I’m so ready to start throwing extra money at my mortgage lol! Hopefully by March or May I can start. Did you pay extra every month or one large chunk once a year? Any advice on starting?
^^^This.we paid off our current home over 20 years early by throwing even a few extra dollars per month at the mortgage. if we got a little cost of living increase to our income of $10 or $20 a month-it got sent to it, when our balanced utility bill decreased at it's annual review by $20 a month that got added to it, if we got some random rebate check in the mail....it all adds up. yes-when we actually got tax refunds (always tried our best not to) those were nice chunks to throw at the mortgage once a year but those small amounts add up quickly and when you're knocking a hundred then a couple of hundred off of the the principle of that loan each month it shaves allot of it's lifespan off (loved looking at a mortgage calculator and seeing how many days/weeks/months some extra dollars shortened it's life).
despite the bad stuff that's happening these days i find it thrilling to read of how so many people have managed to dramatically reduce or pay off their student loans and or mortgages in 2020.
Congrats on paying off your mortgageIt can be as simple as adding $100 a month to your payment. Our first mortgage was 12.25% for a 30 year (we jumped to buy a house when mortgage rates PLUNGED to that level in 1983) and our payment was $1,000 a month so we paid $1,100 a month. We refinanced 4 years later at 9% on a 30 but kept paying the $1,100. We refinanced again 4 years after that to 6.25% on a 15 year but kept paying $1,100 a month. House was paid for in 17 years from the date we bought it.
sorry for your loss.Actually I pay extra every few days. Dh and I each get paid biweekly but on opposite weeks. Whatever is leftover, minus a small cushion & dh’s weekly $20 ATM visit, all goes to the mortgage.
Since my mom died last year we have my dad over for dinner twice per week (and twice to my sister’s). He insists on giving me $30 cash each time for my gas and grocery shopping costs. He gets upset when I tell him he doesn’t need to do this, we’re in good shape, etc. It genuinely makes him happy to do it so I gave up. I deposit it the next day and it goes straight to the mortgage.
Every little bit goes to the mortgage, even $5 leftover before payday.
I started paying extra on Aug 6 with a balance of $106,000. It is now $83,875.
LOL. First generation in our family not to pay cash for a house. Also first generation to spend more than $15,000 for our first house.Congrats on paying off your mortgage