What would you do if you were mortgage-free? Spend more time with the family, open your own business, travel? The door to the world of possibilities opens when we keep the biggest portion of our paychecks. Payoutmymortgage.com (POMM) is a site for sharing legitimate ideas, strategies and plans for being free of the mortgage burden. Gain insight or share your knowledge about what worked or didn't work and have other's feedback on your strategies to see if they are sound. Start sharing your thoughts now and let's all be free from our mortgages!! #236 Here's a good way to generate some saving and pay-down the mortgage quicker. Either have your employer take-off extra for taxes with every cheque or increase your RRSP contributions. Your task is to ensure you have a return every year at tax time. Then apply your return directly to pay-down your mortgage. Haven't calculated it, but I'll bet it shaves 10+ years off of your term, you have more money for retirement and it's legit!
#9 United States mortgage statistic from yesterday shows that 25% of mortgages in the states are worth more than the property itself. That's a staggering 12 million homes whose value is underwater.
#8 I was thinking of setting-up a charity where-by the wealthy have a legitimate organization to donate to and get a tax write-off. People apply to the charity to have their mortgages paid-off, but they have to quality - have to have owned their home for 5+year, mortgage between a certain amount, etc - to weed-out the house flippers and people who don't need the charity. How would I go about starting an organization like this?
#7 Anybody have any first-hand experience with using HELOC to pay-down a mortgage quicker? The theory is that you get a line-of-credit, your pay-check is deposited onto the LOC, you pay your bills/mortgage through the LOC and everyone once in a while you make an extra mortgage payment. Some boast being mortgage-free in about half the time.
#6 Haven't researched this, but what about purchasing whole life insurance in the amount to payoff your mortgage, the beneficiary is the bank/broker of the mortgage. then you end-up just paying your premiums month. is that cheaper or more expensive?
#5 I've heard of something called the "smith maneouver" as a way for Canadians to be able to write-off the interest on their mortage, like our counterparts in the States. Anyone out there have any practical experience with this? does it really work?
#4 Don't be fooled by variable rate mortgages. If you're on a budget, don't risk losing your home to rate fluxuations pushing your payments out of your budget. Rates are low. Lock in for a long term and peace of mind.
#3 The majority of your mortgage payment is going to interest. To pay off your mortgage fast, you will need to make sure your payment is going to the principle. You can do that as simply as increasing the frequency of payment from monthly to biweekly.
#2 Most lenders these days will now only finance up to 80% of the value of the home. If you're considering refinancing to take advantage of lower rates, also consider the current appraised value of your home. It will determine the amount that can financed
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What would you do if you were mortgage-free? Spend more time with the family, open your own business, travel? The door to the world of possibilities opens when we keep the biggest portion of our paychecks. Payoutmymortgage.com (POMM) is a site for sharing legitimate ideas, strategies and plans for being free of the mortgage burden. Gain insight or share your knowledge about what worked or didn't work and have other's feedback on your strategies to see if they are sound. Start sharing your thoughts now and let's all be free from our mortgages!! |