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Mortgage free? Advice
Answered 3 years ago
Are you mortgage free? Do you have much to pay off? Advice on how to pay mortgage quicker?
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ANSWER
3 years ago
Lol yes i did it by winning the lotto
ANSWER
3 years ago
We are mortgage free. We purchased 9 years ago for $380k house and land package and paid it off last year at the age of 32. Was hard bloody work. We put everything into our mortgage. Were lucky to have good paying jobs. It was hard, but now we have complete financial freedom and it was worth it.
ANSWER
3 years ago
Iv always put an extra $20 minimum per week. It’s an automatic debit
I have monthly income so I put spare money in monthly.
We had a 30 year mortgage we ar 6 years in and as it currently stands it will be finished in 21 years.
However my youngest goes to school this year and our family income will go up by $1500 a week so we are going to put an extra $1000 a week on the mortgage which could have it paid off in 4 years.
Basic sly any time our incomes have gone up, we only took what we needed as extra and started contributing extra.
Even when it was on $10 a week if that’s all we did that would have taken a year off.
I have monthly income so I put spare money in monthly.
We had a 30 year mortgage we ar 6 years in and as it currently stands it will be finished in 21 years.
However my youngest goes to school this year and our family income will go up by $1500 a week so we are going to put an extra $1000 a week on the mortgage which could have it paid off in 4 years.
Basic sly any time our incomes have gone up, we only took what we needed as extra and started contributing extra.
Even when it was on $10 a week if that’s all we did that would have taken a year off.
ANSWER
3 years ago
If your payment rate gets lowered, keep paying the higher amount. You won't miss it as you were paying it anyway.
ANSWER
3 years ago
The only way to pay off a mortgage is to
1. Get the best deal/lowest rate possible. Go outside the big banks as there are much better rates available with smaller lenders. Just read small print/restrictions as all lenders have conditions & restrictions.
2. Pay as much as you can manage above minimum repayment & put extra money like tax returns into mortgage. We do this by constantly ensuring we keep expenses/bills down & know what we can do/get for free rather than blindly paying for it. Also avoid spending creep - buying little things like coffee, take away, cinema, multiple subscriptions etc. Learn to be a minimalist & see impulse buying stuff as clutter & remind yourself you don't need it.
However, don't focus your entire life on paying your house off at the expense of having a life. We started down that path and something happened that shocked me into realising there'd always be something that needed paying for but time we couldn't get back. If we weren't careful we'd be debt free but never having been anywhere & led a very dull life full of regret. So finding a balance is key! We could have paid off our house years ago but still owe a small amount. Instead we've travelled the country & world as well. We live frugally other than that, though.
1. Get the best deal/lowest rate possible. Go outside the big banks as there are much better rates available with smaller lenders. Just read small print/restrictions as all lenders have conditions & restrictions.
2. Pay as much as you can manage above minimum repayment & put extra money like tax returns into mortgage. We do this by constantly ensuring we keep expenses/bills down & know what we can do/get for free rather than blindly paying for it. Also avoid spending creep - buying little things like coffee, take away, cinema, multiple subscriptions etc. Learn to be a minimalist & see impulse buying stuff as clutter & remind yourself you don't need it.
However, don't focus your entire life on paying your house off at the expense of having a life. We started down that path and something happened that shocked me into realising there'd always be something that needed paying for but time we couldn't get back. If we weren't careful we'd be debt free but never having been anywhere & led a very dull life full of regret. So finding a balance is key! We could have paid off our house years ago but still owe a small amount. Instead we've travelled the country & world as well. We live frugally other than that, though.