Mortgage

How to Pay Off Your Mortgage Early in 5-7 years! Using an Amortization Schedule! | Jabar Post Indonesia

How to Pay Off Your Mortgage Early in 5-7 years! Using an Amortization Schedule! | Jabar Post Indonesia/a> – This time JabarPost.Net will discuss about Mortgage.

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How to Pay Off Your Mortgage Early in 5-7 years! Using an Amortization Schedule! | Jabar Post Indonesia

A mortgage loan or, simply, mortgage (/ˈmɔːrɡɪdʒ/) is used either by purchasers of real property to raise funds to buy real estate, or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged. The loan is “secured” on the borrower’s property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property (“foreclosure” or “repossession”) to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word mortgage is derived from a Law French term used in Britain in the Middle Ages meaning “death pledge” and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure.[1] A mortgage can also be described as “a borrower giving consideration in the form of a collateral for a benefit (loan)”.

Mortgage borrowers can be individuals mortgaging their home or they can be businesses mortgaging commercial property (for example, their own business premises, residential property let to tenants, or an investment portfolio). The lender will typically be a financial institution, such as a bank, credit union or building society, depending on the country concerned, and the loan arrangements can be made either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably. The lender’s rights over the secured property take priority over the borrower’s other creditors, which means that if the borrower becomes bankrupt or insolvent, the other creditors will only be repaid the debts owed to them from a sale of the secured property if the mortgage lender is repaid in full first.

In many jurisdictions, it is normal for home purchases to be funded by a mortgage loan. Few individuals have enough savings or liquid funds to enable them to purchase property outright. In countries where the demand for home ownership is highest, strong domestic markets for mortgages have developed. Mortgages can either be funded through the banking sector (that is, through short-term deposits) or through the capital markets through a process called “securitization”, which converts pools of mortgages into fungible bonds that can be sold to investors in small denominations.



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In this video I show you how to pay off your mortgage fast and early in less then 5 to 7 years. If you have a mortgage loan you have a amortization schedule. Finding it is easy. Get ahold of your mortgage lender or sometimes it is available online. Having this schedule will help you to better understand how to use it to your advantage to pay your mortgage at record speed and get out of debt quickly!

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How to Pay Off Your Mortgage Early in 5-7 years!

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26 Comments

  1. So great the moments you shared with your grandfather!! That’s really the best way to teach someone, lead by example!! Love it!! Love how he said “this is how you should live, not doing anyone…”. That’s priceless wisdom!!

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  3. I have been watching videos like this for some time now and never have it been so easy to understand the message, thank you because I finally got it! Now on my way to an early mortgage payoff ☺

  4. The ONLY way to pay off your $200k mortgage in 5-7 years is by paying a minimum of $3,334 a month. FIRST you will pay the $200,000 ➗60 months(5yrs)= $3,333.33 monthly principal. THEN you will pay the interest 1-2 years depending on your interest rates. Signed LRAequity it’s time.

  5. Question so my grandma is paying 10%interest 57,000 mortgage with 400monthly pmt, but they charge $300 interest and $100 principal. Is she being ripped off 🤦‍♀️shes already been making pets for 6 year already… question is so every pmt she give monthly does it go into interest instead of the principle.. or how can I help my grandma so she finishes dating her morgage.. tia hope u see this..really appriciate.

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  7. Pay an $1,000 in the beginning of the mortgage, I recommend somewhere around the 9th month. You will see a major change in how much is going towards the principal balance. This method can be applied to any type of loan.

  8. Bit when would your house be paid off, in your example, if you pay one extra principal payment each month? I didn’t hear you say that. Did I miss something? You told us when you’d pay it off of you don’t pay extra, but how about if you do?

  9. OMG!!! I’ve been telling people about this for years but no one seems to understand what I’m talking about, even when I show them my own amortization schedule and showed them how I used it. We paid off our current house in 8 years and our balance matched the bank balance on the payoff date within about 13 cents. This was in the 90s and our interest rate was almost 7% which was really good at the time. We paid off about 50% of the mortgage on our last house in about 3 years using the same method. I always tell people not to just throw money at your mortgage just because it’s a big, huge balance. You also have to stay out of all other debt.

  10. My typical mortgage is $1,545 per month. Every pay period I have been paying that so doubling my mortgage payments. But I think the concept of paying the mortgage but adding on to principal would be faster since it reduces interest more?

  11. Awesome working to simplify for people but one correction: you never “own” your home, the government does via taxation. The mortgage is paid off but the taxes aren’t. They’ll continue to increase annually and if you don’t pay them? They take their home/property.

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