Few people have heard of the technique of using your home to pay for your home. It requires self-control and a change in habits, but doesn’t everything in life that’s truly worthwhile? So put your mortgage on a diet and quit paying extreme interest rates to your bank by paying off your mortgage early, then using your “former house payment” for other investments.
First, so youll know what were talking about, lets review the common early payoff techniques. The oldest one around is to just add a little extra when you write your check, either every month or whenever you have it. Even a one-time $5 additional payment to principal could save you $50 in interest over the life of the loan.
Some people make a regular habit, even using automatic withdrawals from their checking accounts, to add $100 or more (or less) per month to their homes principal only. It is very important to specify to your lender that you are not paying ahead on next months bill, but do, in fact, want the entire additional amount applied to principal only.
Bi-monthly mortgages became popular in recent years, but not as popular as they could have become. You see, many...
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