Pay Off Your House – EARLY!
Get fired up!! Another episode of the Monday Money Tip Podcast is LIVE! Today, we’re talking about paying off your house – EARLY! Can you really pay off your home in 10 years? Yes, you can, and we’ll show you how. In our Current Money Events segment, we’re discussing why and how you can pull your credit report. We’re also sharing a success story from Emily, who has a new outlook on her money journey.
It’s our goal at the end of each episode that you gain hope and encouragement in your financial journey, you’re equipped to take the next step, and that you’ve had FUN with us!
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About the Episode:
- Today we’re answering: “How can I pay off my house early? We have a 30-year mortgage. We owe $200,000 at 4%. We just bought the house three months ago. We would really like to pay it off as soon as possible – within 10 years is our dream.
- In our Current Money Events segment, we’re discussing why and how you can pull your credit report.
- Hear a success story from Emily, who has a new outlook on her money journey.
Next Steps – Insurance
Annual Credit Report
Check Credit Report – Canada
Mortgage Payment Calculator
Early Pay-off Calculator
IWBNIN – Debt Tools
Quote of the Day: “When you have purchased a home with a mortgage, who really owns it: you or the bank?”
So why would you pay off a 4% mortgage instead of investing in a 6-12% investment? You are losing money in the long run, though it feels better in the shortterm.
Financially, one is typically better off taking that extra money and investing it. Sure you will have a weaker year here or there , but over thirty years, you will make far more in the stock market. Plus in a house, you lose the liquidity, you lose the tax benefits, and you lose
The general principle is that if you can use someone else’s money cheaper than you can use your own, use theirs. If you are undisciplined and don’t invest it, then by all means pay it off.