HOW TO PAY OFF YOUR MORTGAGE EARLY Video
A short summary of the steps needed to pay off your mortgage fast. It is a liberating and exhilarating experience to fully pay off your mortgage. The author, E. T. Ande (Bushman), is a proud homeowner who managed to pay off his two mortgages on his two homes. He currently owns both homes free and clear. He bought his newest home in 2004 for 585k (including upgrades).
@astroman30 . The ...
@astroman30 . The only danger I am aware of is if you stopped working for your current employer before paying back the? borrowed money, that unpaid amount will change from borrowed to withdrawn and all the penalty and tax would apply. Of course, before borrowing one has to review the conditions and declarations. You should be able to get clarifications from your 401k company.
@MillionaireBushman ...
@MillionaireBushman The ONLY time you should borrow from your 401k? is to stop a foreclosure, not to pay off your house early. If you borrow from a 401k, you will be penailized at 10% plus you pay at your tax rate. (around 30%) So you will actually be taking a 40% loan against your 401k. You should listen to Dave Ramsey, Suze Orman, Clark Howard, Money Magazine and Eric Tyson. All of them state the same facts.
@altha2008 Like my ...
@altha2008 Like my suggestion about borrowing from your 401k, opening a home equity credit line (i.e. if you have equity in your home) is mainly to use it as an emergency fund. In theory, you could borrow from credit line to pay your min. mortgage payment if you lose your job. That may buy you some time? to find another job. I have a credit line open. If I need to borrow from it, I pay only 3.75% (current variable rate.)
@altha2008 A couple ...
@altha2008 A couple of viewers said, "Don't borrow from your 401k". Obviously you do not borrow money unless you have to. If you need to borrow money, then borrowing from your 401k is like borrowing from yourself because the interest you pay goes into your own account. I have never borrowed from my 401k, but knowing that I can borrow from? it for emergency allowed me to pay down and finally to pay off my mortgage instead of putting money in my bank for emergency or temporary financial setback
@astroman30
A ...
@astroman30
A couple of viewers said, "Don't borrow from your 401k". Obviously you do not borrow money unless you have to. If you need to borrow money, then borrowing from your 401k is like borrowing from yourself because the interest you pay goes into your own account. I have never borrowed from my 401k, but knowing that I can borrow from it for emergency allowed me to pay down and finally to pay off my mortgage instead of putting money? in my bank for emergency or temporary financial setback
Never borrow ...
Never borrow against? your 401k.
set up a 15 year ...
set up a 15 year mortgage instead of a 30 and you will see you're principle drop dramatically from what you would be paying on a thirty. You will thank yourself in? 15 years and you can afford it whether you think you can or not. So what if the jones's have a new car dont try to keep up with them because it really isnt important.
you do not have to ...
you do not have to pay these gues nothing.
step 1 get a 30 year mortgage not a 15 year mortage.
step 2 pay it like you are paying a 15 year
step 3 make the next prinipal payment each month.
step 4 make one extra ful payment each month,
step 5 get the bank to set it up? on a bi-weekly program
do not borrow against a 401k what ever you do
do not get a equity line of creidt.
sell you SUV and put them payments toward the mortage.
again do not pay these guys nothing
you made it really ...
you made it really easy to understand i really like it but the music is anoying..? thanks though,,,, great video and advice
This video is ...
This video is absolutely correct. There is no real magic or magic product that will help anybody pay off a mortgage early unless people are willing to make certain sacrifices. It's about living a frugal life, stop? making up excuses to trade in cars, stop eating out all the time, stop using credit cards. Take all the money and send it to the mortgage company.
One word? for this ...
One word? for this video.
RETARDED!!!
