EP181: How to Pay Off Your Mortgage in 5 Years or Less
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What would your life be like if you had no mortgage? Would you accelerate your investing strategy, pay off debt, or take more family vacations? A few years ago, Natali and I discovered an incredible means to pay off our primary residence. Now we utilize this strategy consistently in order to meet our ultimate goal: purchasing more buy and hold real estate.
On today’s episode of Investing in Real Estate, we’re sharing the proven system you can use to pay off your mortgage in just a few short years. We’ll discuss the step-by-step system that can help you save hundreds of thousands of dollars in interest payments. We’ll share the importance of dedication, and why banks don’t want you to know about this strategy!
More About This Show
Have you ever thought about using a HELOC to pay off your primary mortgage? When I first discovered this strategy, I was fascinated, and decided to put it to the test. With enough discipline, I discovered how quickly and effectively it works.
Using a HELOC, or home equity line of credit, to pay off your mortgage is a way to create equity in your primary home. Doing so allows you to pay down your balance quickly. More importantly, it allows us to leverage our funds in order to purchase cash flowing real estate.
The reason this works is because the loan on your house is amortized, meaning the value of the home is gradually paid off. Typically on a mortgage, you’re paying off the interest for the first years of the loan. Principle is not paid off until later.
But if you’re able to put a large amount of funds from a HELOC toward your mortgage, you can designate that money to go specifically toward your principle balance. Then going forward, a larger percentage of your monthly payment can be applied toward principle, instead of primarily interest.
So instead of paying off your mortgage in 15 or 30 years, you’re able to do so in less than five! On today’s show, we’ll map our all the details of this strategy. We’ll talk about utilizing your HELOC as a checking account, and running the numbers of your amortization schedule. Please join us for episode 181 of Investing in Real Estate!
If you want to learn more about this payoff strategy, we’d love to share our new book with you! It just launched on Amazon, and you can pick up either the Kindle or paperback version. We wanted to share this to help you free yourself from the dead weight of your mortgage so that you can enjoy your monthly income however the heck you want to!
If you’re ready to begin building a passive income through rental real estate, book a FREE call with our team today. We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family.
On this episode you’ll learn:
- How does an amortization schedule work?
- How can you use your HELOC as a checking account?
- Why is it important to designate your payments toward principle?
- Typically, how much can you take out of a HELOC?
- And much more!
Episode Resources
How to Pay Off Your Mortgage in 5 Years by Clayton and Natali Morris
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