What do you think the mortgage products on the market saying you can payoff your house in 9 yrs or so?

Question

I am trying to find a way to pay off my house earlier, but I am sure whether I should trust any of this mortgage program on the market.

Answer 1

You pay off your mortgage sooner by paying more than your billed payment amount. Some people write an extra check each month, with the request it be applied to principal. Some people make 13 payments a year. There are many ways to do it, but you’d be foolish to pay someone to tell you how.  

Answer 2

Hey beebee43210,

Yes there are programs that can help you do this by using a Home Equity Line of Credit or a 2nd mortgage to pay off your house quicker & it works but you have to do your research & find the right one. To avoid that you could just make additional payments on your mortgage above & beyond what you already pay. If you decide to just make additional payments you should know if your current mortgage has a prepayment penalty (lenders don't want you to pay early b/c you pay less for you mortgage that way). Once you figured that out & you are now able to make the early payments make sure you make the payment separate from your regular payment & keep records of your extra payments just in case. Also make sure the extra payment goes towards principal not principal  & or interest.  

Answer 3

In 9 years!!! The only way to do this (on a 30 year mortgage) is to start paying way more than your mortgage payment (like 50% more or so).  Many of these programs work by sending in 2 monthly payments instead of one but they don't pay off mortgages in 9 years, they maybe cut 5 years off the mortgage, which is great, but 9 years instead of 30 is something else.  Anyhow, for this program to work they must have you paying double payments every other month or something - and if you want you could just do this yourself, no need to pay them a fee just to send larger checks to your mortgage company.

Answer 4

You don't need a "third-party" or "after-market" program to pay off your mortgage earlier.  There are a number of FREE online calculators to help YOU do the math, without lining someone else's pockets.

http://www.bankrate.com/brm/mortgage-cal... is a great example of one.

Answer 5

You can do the same yourself with your current mortgage product.  All you need to do is pay more monthly than your mortgage requires, or make one additional payment per year, or similar.  No need to change what you have unless your interest rate is not in line with current rates.