Comments on: Knock Nine Years Off Your Mortgage http://www.chelseagreen.com/content/knock-nine-years-off-your-mortgage/ The Politics and Practice of Sustainable Living. Thu, 18 Mar 2010 22:41:54 +0000 http://wordpress.org/?v=2.3.3 By: Mark Roberts http://www.chelseagreen.com/content/knock-nine-years-off-your-mortgage/#comment-4795 Mark Roberts Thu, 04 Jun 2009 14:32:30 +0000 http://www.chelseagreen.com/content/knock-nine-years-off-your-mortgage/#comment-4795 This was a great help to me so thanks for the advice! This was a great help to me so thanks for the advice!

]]> By: Simple Living News Update: Week of April 20th http://www.chelseagreen.com/content/knock-nine-years-off-your-mortgage/#comment-3858 Simple Living News Update: Week of April 20th Mon, 27 Apr 2009 14:03:58 +0000 http://www.chelseagreen.com/content/knock-nine-years-off-your-mortgage/#comment-3858 [...] Knock Nine Years Off Your Mortgage [...] […] Knock Nine Years Off Your Mortgage […]

]]> By: Our Lost Leisure: A Mortgage-Free Solution to Regaining Our Lives : Chelsea Green http://www.chelseagreen.com/content/knock-nine-years-off-your-mortgage/#comment-3739 Our Lost Leisure: A Mortgage-Free Solution to Regaining Our Lives : Chelsea Green Mon, 20 Apr 2009 21:00:45 +0000 http://www.chelseagreen.com/content/knock-nine-years-off-your-mortgage/#comment-3739 [...] Knock Nine Years Off Your Mortgage [...] […] Knock Nine Years Off Your Mortgage […]

]]> By: Gertie http://www.chelseagreen.com/content/knock-nine-years-off-your-mortgage/#comment-1622 Gertie Thu, 25 Dec 2008 04:01:35 +0000 http://www.chelseagreen.com/content/knock-nine-years-off-your-mortgage/#comment-1622 Just stopped by, nice blog! Just stopped by, nice blog!

]]> By: Rob Roy http://www.chelseagreen.com/content/knock-nine-years-off-your-mortgage/#comment-1573 Rob Roy Tue, 16 Dec 2008 15:05:55 +0000 http://www.chelseagreen.com/content/knock-nine-years-off-your-mortgage/#comment-1573 Hi KEn: Rob Roy, here, author of Mortgage Free. In response to Take Years off your Mortgage, you say, "This assumes you get paid biweekly. Unfortunately, I get paid monthly so this method is no use to me." True, this may make it a little more difficult, but you can still do it with a little self-discipline or adjustment at the bank. Your paycheck is really independent of your mortgage payment. You can still make 26 bi-weekly payments per year, if you are diligent. If your paycheck is going in the bank and the bank is sending a monthly check to the mortgage company, you will have to ask the bank to make payments every two weeks, instead of once a month. First, of course, you have to square this with the mortgagor. There could be a fee for refinancing in this way, as per the example, but it should be well worth it. Check it out. Rob Roy Hi KEn:
Rob Roy, here, author of Mortgage Free.
In response to Take Years off your Mortgage, you say, “This assumes you get paid biweekly. Unfortunately, I get paid monthly so this method is no use to me.”
True, this may make it a little more difficult, but you can still do it with a little self-discipline or adjustment at the bank. Your paycheck is really independent of your mortgage payment. You can still make 26 bi-weekly payments per year, if you are diligent. If your paycheck is going in the bank and the bank is sending a monthly check to the mortgage company, you will have to ask the bank to make payments every two weeks, instead of once a month.
First, of course, you have to square this with the mortgagor. There could be a fee for refinancing in this way, as per the example, but it should be well worth it. Check it out.
Rob Roy

]]> By: Chelsea Green » Blog Archive » Looking Back: The Top 5 Stories of 2008 http://www.chelseagreen.com/content/knock-nine-years-off-your-mortgage/#comment-1538 Chelsea Green » Blog Archive » Looking Back: The Top 5 Stories of 2008 Sat, 13 Dec 2008 02:41:11 +0000 http://www.chelseagreen.com/content/knock-nine-years-off-your-mortgage/#comment-1538 [...] #1 Knock Nine Years Off Your Mortgage [...] […] #1 Knock Nine Years Off Your Mortgage […]

]]> By: Chelsea Green » Blog Archive » Give the Gift of Sustainability: Holiday Gift Ideas from Chelsea Green http://www.chelseagreen.com/content/knock-nine-years-off-your-mortgage/#comment-1378 Chelsea Green » Blog Archive » Give the Gift of Sustainability: Holiday Gift Ideas from Chelsea Green Mon, 01 Dec 2008 21:52:40 +0000 http://www.chelseagreen.com/content/knock-nine-years-off-your-mortgage/#comment-1378 [...] Debt-Free Home Ownership. Do you (or someone you know) want to knock nine years off your mortgage? Click here to learn how. And read Mortgage Free for more strategies, tips, and [...] […] Debt-Free Home Ownership. Do you (or someone you know) want to knock nine years off your mortgage? Click here to learn how. And read Mortgage Free for more strategies, tips, and […]

]]> By: KEn http://www.chelseagreen.com/content/knock-nine-years-off-your-mortgage/#comment-1238 KEn Thu, 20 Nov 2008 23:09:29 +0000 http://www.chelseagreen.com/content/knock-nine-years-off-your-mortgage/#comment-1238 This assumes you get paid biweekly. Unfortunately, I get paid monthly so this method is no use to me. This assumes you get paid biweekly.

Unfortunately, I get paid monthly so this method is no use to me.

]]> By: Sharon Ford’s Blog http://www.chelseagreen.com/content/knock-nine-years-off-your-mortgage/#comment-695 Sharon Ford’s Blog Mon, 08 Sep 2008 00:38:39 +0000 http://www.chelseagreen.com/content/knock-nine-years-off-your-mortgage/#comment-695 [...] September 8, 2008 in Uncategorized | Tags: buy down your mortgage, Credit Repair, Down payment assistance, DPA, Ford Financial, home loan, loan, mortgage, Mortgage meltdown, No money down, pay off mortgage | by fordfinancial Loans, Buy Down Mortgage, Save money, Money, Mortgage I found a great resource for people looking for ways to save tons of money on accumilating interest. Its called “How to knock 9 years off your mortgage.” [...] […] September 8, 2008 in Uncategorized | Tags: buy down your mortgage, Credit Repair, Down payment assistance, DPA, Ford Financial, home loan, loan, mortgage, Mortgage meltdown, No money down, pay off mortgage | by fordfinancial Loans, Buy Down Mortgage, Save money, Money, Mortgage I found a great resource for people looking for ways to save tons of money on accumilating interest. Its called “How to knock 9 years off your mortgage.” […]

]]> By: rmortell http://www.chelseagreen.com/content/knock-nine-years-off-your-mortgage/#comment-624 rmortell Mon, 25 Aug 2008 15:02:14 +0000 http://www.chelseagreen.com/content/knock-nine-years-off-your-mortgage/#comment-624 I tried doing this some time ago with my current mortgage lender, GMAC. They make this difficult because they leave payments in a suspense account, and you must interact to add additional principle to payments. If you don't interact and ask them to apply additional principle, they leave the extra money in this suspense account. To work around this, I opened an interest bearing account which I pay my mortgage from. I perform a similar bi-weekly deposit to this account, then I add extra principle to each payment to achieve similar results from the one recommended here. Works OK so far, except when I'm tempted to not pay the extra principle. I tried doing this some time ago with my current mortgage lender, GMAC. They make this difficult because they leave payments in a suspense account, and you must interact to add additional principle to payments. If you don’t interact and ask them to apply additional principle, they leave the extra money in this suspense account.

To work around this, I opened an interest bearing account which I pay my mortgage from. I perform a similar bi-weekly deposit to this account, then I add extra principle to each payment to achieve similar results from the one recommended here. Works OK so far, except when I’m tempted to not pay the extra principle.

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