How I pay my mortgage within 1 Year?

[albertmathews51]

Hello Everyone!

I want to pay my mortgage in one year. Tell me the Best Plan which helps me to pay mortgage within 1 Year. Have anyone Experience about Home Equity Loan etc.

Thanks

 

[Life Hawk]

Hard work, good income and no spending.

 

[toolbelt]

Simple.....start by buying a tent in the first place.

 

[Markthebroker]

Randomly capitalizing words in a sentence will definitely help.

 

[albertmathews51]

Thank you all of you to give me some tips

 

[adjusterjack]

How to pay off a mortgage in one year: At 2.5% interest, for every $100,000 of mortgage you pay $8446.61 per month for 12 months.

 

[hectortwede]

The first way is to split your monthly mortgage payment in half and make biweekly payments instead. By doing this, you'll end up making the equivalent of 13 months of mortgage payments in one year, instead of 12. This tactic might be easy for some homeowners because it's barely noticeable in the monthly budget. The second step will be to hire your own mortgage broker (when I was taking a mortgage, I hired such person in the whole beginning and until now I think it was my best desicion). Also I can recommend you one company where you can take mortgage on a descent conditions (of course I recommend it from my own experience) - Essex company. You can call Mortgage Advice Newcastle and discuss all questions you're interested in, the main thing is that they are professionals.

 

[Markthebroker]

If you have a mortgage for a certain amount, that's what you owe. On top of that you pay interest each month. You can play with the numbers all you want, but the only way to pay it off is to pay it back, as the interest continues to accrue.

A real estate asset should gain value over time, especially with inflation, as the amount owed shrinks as you make payments, and additionally shrinks respective to the value of the property. Money will be better spent on more investments, not paying down a cheap loan like a mortgage. People become wealthy by acquiring assets that are worth more than the loans and investments to acquire them - not by focusing on paying off cheap loans.

 

[marindependent]

Just write one check for the entire amount.