How do I structure a mortgage to pay it off quickly?

I am about to buy a mortgage for a property. Does anyone have any tips for me about how to structure it correctly from the beginning so I pay it off as quickly as possible. Thanks in advance for your answer.

By | 2013-08-27T03:24:35+00:00 August 27th, 2013|Mortgages Home Loans Interest Rate|4 Comments

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4 Comments

  1. Firefly August 27, 2013 at 6:31 AM - Reply

    Personally I have my mortgage paid bi-weekly and have added 30.00 dollars to each payment. this was the advice of the mortgage specialist. Instead of a 20 yr mortgage, is is been reduced to 12….woohoo! check into it.

  2. sophieb August 27, 2013 at 5:51 AM - Reply

    Are you in the USA? If so, why on earth would yo want to even pay off a mortgage, let alone do it quickly? Your best way to go would be to get a 30 year loan and pay on it for 30 years and claim it on your IRS income taxes yearly and get money back. The purpose of paying long is to get that tax credit.

    Now to answer your question. Get a 30 year mortgage and read the leagalese (in the document) to make sure you will not be penalized if you pay it off early. Then either make 1 1/2 payments or 2 payments per month instead of the usual 1 payment.

    In these days of homes having doubled in price in the last five years, the doubling of insurance payments monthly, and gasoline going higher at times, and your now needing flood insurance too, I don’t see where you would be having the extra money to pay an extra half or full payment toward a house…but it was a good question, even though it can’t be used now-a-days.

  3. jojo August 27, 2013 at 4:57 AM - Reply

    if you have a good broker he will tell you if not you can go to bankrate.com and there it will give you hints on all types of mortgages

  4. uncle billy August 27, 2013 at 4:21 AM - Reply

    the 15 year mortgage is a good way to go, you save a lot on interest, you could double the payments & be done paying it in less than 8 years.

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