How to pay off my mortgage by FastGurl

"Paying off the mortgage made us giddy. "

How I did it: Coupons, points, buy one get one deals... we used whatever was necessary to save money.  All extra money went into the mortgage.  Every mortgage payment we paid more than necessary.  Every paycheck we paid something.  Make monthly goals as to how much principal you're going to pay down.

Lessons & tips: Stay on top of the bank - make sure they're crediting your principal.  I found a $29,000 error in their favor.  Ask for a breakdown of every payment and how it's credited.  Don't let them keep your escrow.

Resources: Excel :-)   Pay attention to every penny. 


3 people found this helpful
 

Jan 18, 2009, 08:30AM PST | 2 comments | 3 cheers


Comments:

bawnjr1

Mortgage

That is really good you paid off your mortgage but I don’t understand why you said don’t let them keep your escrow.

Mar 15, 09:24AM PDT | Thread | Respond to this

FastGurl is wanting to move to the Cote d'Azur

escrow

I don’t believe in letting the bank keeping money in escrow, especially at the beginning of the mortgage. Think of it this way—you’re paying the most interest at the start of your loan, the money you’re letting the bank hold to would be better used to pay down the principal.

Paying my mortgage in 5 years instead of 30 saved around $84,000 in interest.

Mar 15, 02:57PM PDT | Respond to this


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