Archive for March 2010

Ways To Eliminate The Mortgage More Quickly – Part 5

Welcome to the latest series at JosephSangl.com – Ways To Eliminate The Mortgage More Quickly.   It is my hope that this series can help you eliminate what is usually the single largest expense in the household budget and free that money up to much greater things than make a bank rich!

Part 5   Eliminate one “nice-nice” monthly expense and send it to the mortgage company

How much do you send to the cable/satellite company each month?   Let’s say that it is $70/month.   That is $840/year.   Cancel the cable and re-route that monthly bill to the mortgage payment.

Other items that could be reduced/eliminated include:

  • Grocery bill (use coupons!)
  • Dining out
  • Clothing
  • Spending money
  • Magazine subscription
  • Insurance premiums

Less payments toward these bills means more money for payments toward mortgage elimination!!!

Read the entire series HERE

Read recent posts

Ways To Eliminate The Mortgage More Quickly – Part 4

Welcome to the latest series at JosephSangl.com – Ways To Eliminate The Mortgage More Quickly.   It is my hope that this series can help you eliminate what is usually the single largest expense in the household budget and free that money up to much greater things than make a bank rich!

Part 4   Pay one extra payment each year

One of the most common ways that people reduce their mortgage payback period is by sending in one extra payment each year.   This will eliminate 5 to 7 years from a 30-year fixed rate mortgage.   You can send one extra payment each year using a variety of methods.

  • Send in one extra payment when you receive a tax refund or profitability bonus
    • Since this money is not part of the normal budget, it is can be easier to send this money immediately toward the mortgage.
  • Set up 1/2-payments to be made every two weeks
    • Since there are 26 two-week periods in a year, this means that 13 full payments will be made each year.   Presto!   An extra payment!
  • Send in 1/12 (8.3%) extra on each monthly payment.
    • 1/12th payment/month X 12 months = 1 full payment per year

Use the Early Pay-Off Calculator located HERE to run some numbers for your mortgage and become debt-free sooner!

Read the entire series HERE

Read recent posts

Crusade is headed to Alexandria, KY!

FLE

FLE

The I Was Broke. Now I’m Not. Team is headed to Alexandria, KY this weekend for another weekend of life-change!   We will be at Main Street Baptist Church (Pastor Bob Franklin) to train financial coaches on Saturday.   I will be speaking during the 9:30AM and 11:00AM services.   I will then have the opportunity to teach the Financial Learning Experience on Sunday afternoon at 3PM.   If you are in the area, we would love to have you join us!

You can learn more and register (it’s FREE) HERE.

Ways To Eliminate The Mortgage More Quickly – Part 3

Welcome to the latest series at JosephSangl.com – Ways To Eliminate The Mortgage More Quickly.   It is my hope that this series can help you eliminate what is usually the single largest expense in the household budget and free that money up to much greater things than make a bank rich!

Part 3   Pay 10% extra each month

Whatever your monthly payment is, add 10% and you will eliminate 7 years or more from a 30-year fixed rate mortgage!   For instance, if your mortgage payment (including escrowed taxes and insurance) is $1,000, you would send in an extra $100 per month – $1,100/month.

Example If you have a $150,000 5.50% fixed-rate mortgage with a monthly payment (including escrow) of $1,000 with $852 being applied to principal and interest each month (the other $148 being applied to taxes and insurance).   If you send in $1,100 each month, there is now $952/month being applied to principal and interest.   This will reduce a 30-year note to a 23 year 4 month note!

Use the “Early Pay-Off Calculator” located HERE to run some numbers for your mortgage and become debt-free sooner!

Read the entire series HERE

Read recent posts

Next Stop: Cowee Baptist Church – Franklin, NC

I am excited to be speaking at Cowee Baptist Church (Pastor David Powell) in Franklin NC tomorrow morning during their 8:45 and 11:00 AM services!   In the evening, I will be teaching the Financial Learning Experience.

Here is what I know to be true:   We all have friends and family that struggle with financial issues.   If you live in the general vicinity, I challenge you to bring somebody with you!   You can find out more information HERE.

I can not believe that I get to do this!

Read recent posts