If you want to pay off your mortgage, be free and save thousands of dollars in interest then there is a simple way for you to do it.

We know that any mortgage pay off techniques to make sure your money is going to the principle. It seems tough to pay off mortgage principle because the majority of your mortgage payments are going to pure interest. But, if you lower the principle early instead of over time, you’re going to save tons of interest and pay off mortgage principle incredibly fast.

Honestly, you’re going to have to pay off mortgage principle at some point, so why not avoid all the interest while you do it?

But, when do you do it? And, how often should you pay off mortgage principle?

If you want to successfully pay off mortgage principle 2x as fast you’ll need to pay the principle… each month. Just put a little extra down before your monthly mortgage payment.

You see, when you pay off mortgage principle like an investment. No, you won’t be getting your money back directly, but it pays dividends in the future with interest savings and a mortgage free life.

Secondly, HOW MUCH DO YOU PAY OFF MORTGAGE PRINCIPLE WITH?

You probably don’t want to sacrifice your standard of living but you still want to pay off mortgage principle as quickly as possible.

Here is a good way to do that. Calculate 3-4% of your current mortgage payment. Write a check for this exact amount to pay off mortgage principle. This usually doesn’t put too much financial strain on people’s lives yet it will reap decent results in interest savings and pay off mortgage principle very quickly when the payment interest calculations snowball and decrease (more on this in other reports.)

WORD OF CAUTION: you want to write ‘for prepaid principle’ on this check so that the bank doesn’t apply it to your next mortgage payment. You won’t pay off mortgage principle at all if this happens.

One more thing, if you’re interested in the more powerful insider techniques to pay off mortgage principle and save big on interest, make sure you check out The Mortgage Loophole Report

Homeowners are savings over 84% interest and pay off mortgage principle over 7 times faster with this technique.

A debt free house is every homeowner’s dream. But how do you pay off a mortgage fast?

“There are few things in this life that equal the sensation of being paid up.” – Kin Hubbard, Abe Martin’s Back Country Sayings, 1917

I’ll never forget my disbelief when we bought our first house. Noticing the year our loan would eventually pay off, I asked my husband, “Honey, do you realize how old we’ll be when we make our final mortgage payment?” “Don’t worry,” the loan officer interjected, “it’s an amortized loan.” I guess he was trying to make me feel better.

Years later, I entered the mortgage lending industry, eventually owning my own mortgage company. My clients were amused as I’d recount my own initial impression of mortgage and amortization. I described it as my favorite oxymoron because the act of eliminating a mortgage through gradual amortization means most homeowners rarely become mortgage free.

Both mortgage and amortization come from the Latin root “mort”, meaning death. Summing it up for my clients I’d explain, “Until death do we part.” Or more to the point, “Until death do we owe.”

A simple definition of mortgage is to borrow money in order to own real estate. In contrast, amortization is the reduction of debt by means of scheduled installments, starting with more interest paid than principal in the earlier years. Once a homeowner realizes how long it takes to fully repay the principal, owning a home free and clear through mortgage and amortization becomes a contradiction in terms at its best, an oxymoron.

For those of us who prefer the dream of being mortgage free before we die, what steps can we take to speed up the mortgage pay off? Consider this. After the first 15 years of making payments on a $200,000 home loan, using a 30 year fixed rate mortgage at 6%, a borrower will still owe $142,097 of principal. In fact after a full 30 years, a homeowner would pay a grand total of $431,671 in mortgage payments, including principal and interest.

There has to be a better way to be mortgage free! Don’t give up! I have a solution! Have you considered a 15 year fixed rate mortgage? It’s a great way to make mortgage amortization actually work in your favor. You’ll usually find the 15 year interest rate a little lower than its counterpart, the more common 30 year mortgage. The lower interest rate will save you thousands of dollars in interest over the mortgage term. And after 180 payments, you’ll own your home with no remaining mortgage!

Here’s a good example. Assume you borrow $200,000 using a 15 year fixed rate mortgage. Speed up the clock another 15 years. You’ve paid off your mortgage. Had you chosen a 30 year mortgage, you’d still owe $142,097 of principal and an additional $74,000 in interest over the next 15 years. A 30 year fixed rate would have cost you approximately $232,000 in interest alone. You’ll save nearly $138,000 in interest with a 15 year amortization and be mortgage free a lot sooner. Sure, your mortgage payment is higher with a 15 year fixed rate mortgage but you’ll pay it off in half the time compared to a 30 year term.

Now that’s no oxymoron!

The calculations in this article are estimated. Consult a lender for exact numbers and outcome. Interest rates vary and could determine a different result.

More than 1.6 million families in America alone struggle with debt problems. For these people it seems as though the end of the world is near. The fact is, the end of the world is not at hand, i.e. in debt issues because debtors have many options to relieve themselves of debt issues.

In 2004, more than 1.7 million American’s filed for bankruptcy. Many of these people did not have the resources needed to avoid bankruptcy. Bankruptcy not only ruins your credit, it makes it next to impossible to get a loan. In some instances, you may find it difficult to get a job.

You have recourses. Before you jump the gun and file bankruptcy, turn to alcohol or just call it quits in life take time to learn your options to relieve self from debt. Let’s ask a couple of questions and see if we can find resolves to help, you avoid debt.

Are you running the risks of loosing your car due to financial issues?

If you are running a risk of loosing your vehicle because you cannot meet the payments any longer, then perhaps you can sell the vehicle. It’s worth trying. Perhaps you can sell the vehicle a little more than the balance owed to replace it with a used car for now.

What about your home, do you pay mortgage and falling short of payments?

If you see that you are at risk of loosing your home, perhaps you can sell your home or else rent it to make the payments on time. You may have to move either way, but this option will at most protect your future. If you fail to make payments on time, you are at risk of foreclosure, which can diminish your credit. It isn’t worth it. If you can perhaps, you can refinance your home to reduce your monthly mortgage payments. Talk with your bank to learn more about refinance. Think carefully however before taking this step.

Do you find it hard to pay your utilities each month?

Did you know when you unplug electrical appliances; etc from the wall outlet when you are not using them can reduce your electric bill? When you are not using electric products, unplug them to save on your utilities. If you are running a risk of shutoff, then perhaps you might have to resort to payday loans. First, ask a family member or friends to lend you a hand and offer to give them a little extra back. If they say no, then go for the payday loan. Only use what you need and save the rest for the payday loan, payoff date. Use it to payoff the loan. Try not to rollover payday loans. These loans are costly and can lead you into worse financial debt than you can afford.

Now you have a few ideas how to slow debt issues, take the next step to learn your rights as a debtor.

There are only 6 ways to pay off your mortgage early and if you don’t know them, you’d better be ok with leaving tens of thousands, sometimes even hundreds of thousands, of dollars on the table.

Now, some of these are great, some are not so great. It just depends on your financial situation and how badly you want to pay off your mortgage.

Regardless of your situation, however, there is always a way to pay off your mortgage that will work for you.

The 6 Methods To Pay Off Your Mortgage:

1 – Use the “Mortgage Loophole Report” that has recently been publicized (report info below)

2 – Get a biweekly payment plan (it may not sound like much but it actually will pay off your mortgage quite well)

3 – Make an additional payment to principle each month (the most common way to pay off a mortgage)

4 – Refinance to a 20 or even 15 year loan (the mortgage payment will increase but it’ll get the job done)

5 – Make a lump sum mortgage payment to the principle (maybe with a Christmas bonus you get)

6 – Last on the list is to refinance at a lower rate. Your payment will be lower and you’ll have more money to pay off your mortgage with. You probably get a million calls a day about refinancing, but I wouldn’t recommend it unless you can see both mortgage pay off amortization schedules and total interest paid on both. You’ll learn why in the Mortgage Loop Hole Report.

Before ever choosing which method that you’ll use to pay off your mortgage you need to have a firm understanding of not only what the current sacrifice is but also of how much it’s actually going to help you pay off your mortgage and cut interest.

Usually, the decision comes down to your family’s future and your family’s lifestyle. Ask yourself the following questions:

Do you have a retirement set up?

Do you have money for your kid’s college?

Do you want/need a new car?

Do you or your spouse want to vacation?

And most importantly, how much money do you want top save and when do you want to pay off your mortgage?

If you’re truly serious about saving money and want to pay off your mortgage fast, you’ll find the perfect option.

Although this is just a basic overview of methods to pay off your mortgage, I’ve written several reports that go into further detail on these.

Also, if you truly want the insider secrets to save big bucks and pay off your mortgage lightening fast then check out “The Mortgage Loophole Report”

Just imagine – as you’re going through your favourite coffee drive-thru this week – that a well-dressed gentleman stops and offers you $11,000 for your medium double double. Who would hesitate? We’d take the cash. It’s not so far-fetched. In fact, if you take that coffee budget and apply it to your monthly mortgage payment, a mere $30 extra per month -you could save yourself about $11,000 over the life of your mortgage.

Strategies for knocking years off your mortgage

Most of us can accept the idea that we must borrow money to purchase a home. We look for the best mortgage, and then just keep doling out the money for as long as it takes to pay it off. Most Canadians choose to amortize their mortgage over 25 years. That’s a long financial commitment, and it could more than double the cost of your home. But with good planning – and a few smart tactics – you should be able to enjoy your mortgage-burning party much earlier. Here are a few strategies for fast-tracking your mortgage:

1. Increase your monthly payments. Rather than choosing your amortization period first, ask yourself how much you can afford each month. For example, you may feel that you can afford $1,000 per month. You’re delighted when your $125,000 mortgage only demands an $800/month payment (at a 6% interest). But make a monthly payment of $1,000 instead, and you’ll shave 8.75 years and almost $46,000 off your total interest cost.

2. Take advantage of lower rates. In addition to reducing the overall interest component of your mortgage, you can take the opportunity to pay down more principal faster – simply by maintaining your original payment. You should even increase your payment if you can, to reap the benefits of some of the cheapest mortgage money in memory. Again, you could take years – and thousands of dollars off your mortgage.

3. Tie mortgage payments to your pay schedule. Many Canadians are paid on a bi-weekly schedule. If you accelerate your payments to bi-weekly instead of monthly, you could improve your own cash flow and fit in an extra payment each year. That means that you’re paying off principal faster – leaving you with less interest to pay overall. It doesn’t seem like much but – like putting your coffee budget to work – the bi-weekly strategy can have you mortgage free four years sooner, with almost $22,000 in savings.

4. Use any bonuses, tax refunds or “found money” to pay down principal. This is especially valuable in the early years of your mortgage. If you receive an annual bonus or other lump-sum compensation, see if you can put it against the principal. An extra $1,000 per year is a great way to fast-track to mortgage-free!

5. Consolidate your loans into a new mortgage and use the savings to boost your payments. If you’re a homeowner with some equity, you can use your mortgage to consolidate your other loans: student loans, car loans, etc. Add the money you’ve been spending on loan payments to your mortgage payments, and you could see big savings in overall interest.

With mortgage rates still low, you should take the opportunity to get an expert mortgage analysis from an independent mortgage broker with access to mortgages from a wide spectrum of lenders. You’ve got a great opportunity to put some fast-track tactics in place. You’ll remember what a good decision you made at your mortgage-burning party

What if you knew how to pay off your house fast?

Here are 9 simple steps to pay off your mortgage in the shortest time possible. As you read every word of this article you will be amazed that there are no secret formulas, no tricks, nothing to buy, or any life altering decisions to make except perhaps one.

Make a deliberate decision to live mortgage free.

Now follow these steps to pay off your home.

Step 1 – Take inventory of how much you owe on revolving cards and the least amount you are required to pay on each. Don’t overlook miscellaneous accounts such as doctor bills or furniture loans.

Now add to that list car loans, boat loans, and recreation vehicle loans including balances and payments. Lastly add in your mortgage payments and balances. Count in home improvement loans and 2nd mortgages.

Don’t panic. If you have never performed this exercise before, it might make you feel a little anxious. But don’t worry. You can do this.

Step 2 – It is time to get your live within your means. This might mean cutting back on purchases you don’t need. Decide today that you are not going to live beyond your ability any more. Once you embrace this idea with your whole heart you might be surprised how liberating it feels.

Step 3 – Referring back to your list of debts, arrange the accounts in order of their balances from lowest to highest. Most likely at the top will be your credit card balances, followed by installment loans, personal loans, car and recreation vehicle loans, and finally mortgages.

Step 4 – Decide how much additional money you can free up to eventually pay off your house. It does not require a lot of planning upfront. Your vision of mortgage freedom is more attainable than it might seem.

Here is a simple example. Suppose you eat out one less time each week. If you spend $15 less per week for restaurant meals, you can save $60 per month. $60 is all you need to begin to pay off your house fast.

Step 5 – Begin your program by taking the lowest balance at the top of your list and adding the $60 you saved to its minimum payment.

Suppose the balance is $1000 on credit card number one and the minimum payment is $15. Simply add $60 to the minimum payment for a total of $75 each month until the balance is paid in full. It is important to continue making at least the minimum payments on all other debt.

With each payment, your balance will decrease but it is instrumental to this plan to still pay the $75. You are accelerating the payoff each month.

Don’t give up because you’ll be glad you persevered when your mortgage is gone.

Step 6 – Waste no time beginning card number two once the first credit card balance is gone. Use the $75 you are paying on card one and add it to the monthly minimum payment for card two.

Suppose the second card’s monthly payment is $75. With the $75 you are paying on credit card one, add it to the $75 minimum payment on card two for a total of $150. Continue using $150 until the balance on the second credit card is gone.

Step 7 – Continue the process with credit cards three and four until all credit cards are paid in full.

Then begin on installment loans, personal loans, car loans, and other vehicle loans one at a time. As you see balances decreasing, keep in focus your goal to pay off your mortgage.

Step 8 – Now the fun really begins. Instead of eating one fast food meal a week, you took the $60 and started the ball rolling toward mortgage freedom. You added the $60 you saved to the first credit card minimum payment. Then you added the monthly payments you made on the first credit card to the second card and the second to the third and so on. After the credit cards were paid off, you added the total to your recreation vehicle and then to car loans.

In a short period of time you have become entirely debt free, leaving you only with the need to pay off your house.

Step 9 – By now you have truly accelerated your program to pay off your home. Let’s suppose by the time you finish paying off credit cards as well as all other loans that you have gradually worked up to applying $1000 per month to your debt reduction program.

Remember the only additional money you began with was the $60 saved from eating out one less time per week. Now you are going to begin to use the additional $1000 to pay off your mortgage. Let me illustrate.

If you have a $250,000 mortgage at a fixed rate of 6.5% for 30 years, your principal and interest payment would be $1,580. Take the $1000 you are using to pay down your other debts and begin to apply it to your mortgage each month.

Make certain to instruct your mortgage company to apply the additional payment of $1000 to principal.

In other words, you are going to make the regular monthly payment of $1,580 plus an additional $1000 to principle for a total payment of $2,580.

Now listen to this. With the extra $1000 applied toward your mortgage payment, you will watch as you pay off your home in less than a dozen years. And all you did was eat out one less time each week.

Sell and rent back is the best solution for people who are under debts. You can sell and then rent it back as long as you wish too. If you don’t want to relocate, you can stay in the same house as tenant. People generally sell and rent back due to job loss, migration etc. Many owners are not able to pay mortgage payments which may lead to repossession. Lenders may take possession of your house and churn out all their dues through auction.

With sell and rent back options you can stay in the same house as long as you want. These schemes bring a huge relief for hopeless property owners. Relocating is not as easy as it seems. It may be difficult for you to leave the house as you are emotionally attached to it. Just a thought about it, may be nerve-racking. And why not, you have really worked hard to buy this house.

But now you can be happy as many real estate dealers are helping those under debts. Now you can sell your house within a month and get cash quickly. Sell and rent back option releases cash quickly and allow you to stay in the same house till you desire. Such companies offer personalized short term and long term schemes to suit individual needs.

Internet has made things simpler. Many reputed companies have their own websites to help those who are in need. They offer sell and rent back, cash property sale etc on acceptable terms and conditions. Some companies also offer buy back schemes wherein they allow you to buy back the house when you are financially stable.

Sell and rent back can raise capital or avoid repossession and also allow staying in your house. You have to unlock your capital from your home to clear any debts you may have or to fund a better retirement. Sell and rent back schemes can also be a way of funding your retirement without having to sell your home.

Sell and rent back solutions can bring you mental peace and financial stability. Your deal ends in a couple of weeks without exhausting your mind in legal rigmaroles.  Such companies also cut down their valuation fees and repay all judicial expenses incurred on the deal. They purchase your house at 70%-80% of the market assessment and then rent it back on an affordable amount. Thus, if you are facing any credit crunch, you don’t have to worry as you can sell and rent back your house. The clouds of debts lift little by little once you regain your financial strength. So, remove all your worries as sell and rent back solutions will allow you to stay in your own adobe.

“Wow!” you say to your spouse as you hit the brakes on the car. “Did you see the mortgage rate those guys are advertising?” Your worries are over, you’re thinking. Just lock in a rate like that for the next ten years, and you’ve got it made.

Not so fast. That rate may not be the one for you. Typically, the lowest available rate – and the one that makes the rate sign look great from the street – will be for a variable or adjustable-rate mortgage. That rate has the potential to be like a roller coaster. The posted variable or adjustable rate is the rate you’re getting today. Unless you have an economic ouija board, you won’t be able to predict what kind of ups and downs are ahead of you.

Let’s take a closer look. A lender will offer different rates for different types of mortgages. The rates are determined based on financial risk -to the institution and to you. When a customer is willing to take on the risk, he/she is rewarded with a lower rate. If the lender is taking on the risk (that is, the customer is promised a particular rate… regardless of what happens in the future), the rate is higher. The longer the term, the higher the risk for the financial institution.

So how do you decide? Fixed-rate mortgages, because they require a low risk tolerance, are usually better suited to first-time buyers or those who haven’t owned a home for a very long period. Ask yourself these questions: Do you like or need to know exactly what your payment is going to be over a longer period of time? Do you want to avoid the need to consistently watch rates? Do you have less than 25% down? If you answered “yes” to all, or most of these questions, a more conservative fixed-rate ontario mortgage could be the better choice for you.

A variable or adjustable-rate mortgage is best suited to people who have a flexible budget and can tolerate higher risk. Ask yourself these questions: Do you watch market conditions? Can you handle any sudden rate increases that could increase your payment? Do you have 25% or more equity in your home? If you answered “yes” to all, or most of these questions, a variable or adjustable-rate mortgage might best suit your needs.

Some lenders offer a special promotional rate for the first few months of a variable-rate mortgage, which you should discuss with your mortgage broker. Also discuss what your rate will be based on – prime minus 0.5% or 0.6% or on Bankers’ Acceptances (BAs) plus 1%. The latter being a new kind of adjustable-rate mortgage that has recently been introduced to the marketplace. Most variables or adjustables allow you to exercise an option to “lock in” a fixed rate at any time for the remaining portion of your mortgage term or for a longer term.

If the uncertainty of a floating rate is going to give you sleepless nights, you’re in good company. Many Canadians prefer the certainty of a fixed-rate mortgage. They know exactly how much they will pay over the term of their mortgage, and they can plan accordingly… with no financial surprises. But if rates do drop… and drop… and drop… you are committed to the “promise” that you have made. Your best option – have a mortgage broker help you decide which option best meets your needs.

Mortgages, probably the cheapest money in town. A mortgage is a type of loan that uses the property in which it is buying as security or collateral against the loan. Basically, a mortgage is the easiest and cheapest type of loan to get because whoever is lending you the money is really the one who is buying the house. It is not until you pay off that loan that the one actually owns his or her house.

There are many types of mortgage loans. The two basic types of amortized loans are the fixed rate mortgage (FRM) and adjustable rate mortgage (ARM)

Fixed rate mortgages are set terms that a loan is to be paid off in and at a set interest rate. This rate never changes, allowing the person taking the loan to have some peace of mind about taking it. They know that even if the mortgage interest rates rise, they will still be paying the rate at which they locked into.

Adjustable rate mortgages are still set in for a term of years but the interest fluctuates yearly based on the economy. This can be excellent if there is a period of years where the economy is prospering and the interest rates are low, than you save money. However it could go the other way as well, the choice is up to you.

The term “second mortgage” refers to taking out a loan against your house. Let’s say you owned a house for a few years and you paid $25,000 of your mortgage. You could take a second mortgage out for $25,000 meaning now you no longer own a penny of your house, but you do have 25 grand to play with. Once again, this type of loan is the cheapest loan you will ever find.

Now you may be thinking, why on earth are mortgages so cheap? There are two main reasons that can explain this; 1. Houses almost always appreciate in value, meaning every year they gain more value. Every other type of assets that one might get a loan for will depreciate in value. 2. Banks own your house till you pay back the loan, so if you cant pay back the loan they foreclose your house – kick you out – sell it for more money (appreciation value) and go about their business like nothing ever happened. Its safe, that’s all there is to it.

What if you knew how to pay off your house fast?

Here are 9 simple steps to pay off your mortgage in the shortest time possible. As you read every word of this article you will be amazed that there are no secret formulas, no tricks, nothing to buy, or any life altering decisions to make except perhaps one.

Make a deliberate decision to live mortgage free.

Now follow these steps to pay off your home.

Step 1 – Take inventory of how much you owe on revolving cards and the least amount you are required to pay on each. Don’t overlook miscellaneous accounts such as doctor bills or furniture loans.

Now add to that list car loans, boat loans, and recreation vehicle loans including balances and payments. Lastly add in your mortgage payments and balances. Count in home improvement loans and 2nd mortgages.

Don’t panic. If you have never performed this exercise before, it might make you feel a little anxious. But don’t worry. You can do this.

Step 2 – It is time to get your live within your means. This might mean cutting back on purchases you don’t need. Decide today that you are not going to live beyond your ability any more. Once you embrace this idea with your whole heart you might be surprised how liberating it feels.

Step 3 – Referring back to your list of debts, arrange the accounts in order of their balances from lowest to highest. Most likely at the top will be your credit card balances, followed by installment loans, personal loans, car and recreation vehicle loans, and finally mortgages.

Step 4 – Decide how much additional money you can free up to eventually pay off your house. It does not require a lot of planning upfront. Your vision of mortgage freedom is more attainable than it might seem.

Here is a simple example. Suppose you eat out one less time each week. If you spend $15 less per week for restaurant meals, you can save $60 per month. $60 is all you need to begin to pay off your house fast.

Step 5 – Begin your program by taking the lowest balance at the top of your list and adding the $60 you saved to its minimum payment.

Suppose the balance is $1000 on credit card number one and the minimum payment is $15. Simply add $60 to the minimum payment for a total of $75 each month until the balance is paid in full. It is important to continue making at least the minimum payments on all other debt.

With each payment, your balance will decrease but it is instrumental to this plan to still pay the $75. You are accelerating the payoff each month.

Don’t give up because you’ll be glad you persevered when your mortgage is gone.

Step 6 – Waste no time beginning card number two once the first credit card balance is gone. Use the $75 you are paying on card one and add it to the monthly minimum payment for card two.

Suppose the second card’s monthly payment is $75. With the $75 you are paying on credit card one, add it to the $75 minimum payment on card two for a total of $150. Continue using $150 until the balance on the second credit card is gone.

Step 7 – Continue the process with credit cards three and four until all credit cards are paid in full.

Then begin on installment loans, personal loans, car loans, and other vehicle loans one at a time. As you see balances decreasing, keep in focus your goal to pay off your mortgage.

Step 8 – Now the fun really begins. Instead of eating one fast food meal a week, you took the $60 and started the ball rolling toward mortgage freedom. You added the $60 you saved to the first credit card minimum payment. Then you added the monthly payments you made on the first credit card to the second card and the second to the third and so on. After the credit cards were paid off, you added the total to your recreation vehicle and then to car loans.

In a short period of time you have become entirely debt free, leaving you only with the need to pay off your house.

Step 9 – By now you have truly accelerated your program to pay off your home. Let’s suppose by the time you finish paying off credit cards as well as all other loans that you have gradually worked up to applying $1000 per month to your debt reduction program.

Remember the only additional money you began with was the $60 saved from eating out one less time per week. Now you are going to begin to use the additional $1000 to pay off your mortgage. Let me illustrate.

If you have a $250,000 mortgage at a fixed rate of 6.5% for 30 years, your principal and interest payment would be $1,580. Take the $1000 you are using to pay down your other debts and begin to apply it to your mortgage each month.

Make certain to instruct your mortgage company to apply the additional payment of $1000 to principal.

In other words, you are going to make the regular monthly payment of $1,580 plus an additional $1000 to principle for a total payment of $2,580.

Now listen to this. With the extra $1000 applied toward your mortgage payment, you will watch as you pay off your home in less than a dozen years. And all you did was eat out one less time each week.