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85: How To Pay Off Your Mortgage Faster
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I'll be honest, this topic has been on my mind since I bought my home a year ago. I'm simply one of those people that aren;t comfortable owning a certain amount of money. I figured I'm not the only one that has these thoughts so lets talk about how to pay off your mortgage faster.. In this episode, we talk about:
- 2 situations where it might not be the best idea to accelerate paying down a mortgage
- Four ways to pay down a mortgage faster than scheduled
- Pitfalls to avoid when paying down a mortgage faster than scheduled
- Allocating the extra payment to principal
- Asking about any prepayment penalties
- Looking into recasting
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