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Hi @Landon Martin, Just one strategy that comes to mind for me is refinancing. One advantage to this is if you have certain factors in place like a high credit score and equity in your home, you can refinance your mortgage for a lower rate,  which will drastically reduce your payments per month. You can then take advantage of these lower payments by making two bi-weekly payments per month, which may help you pay off your mortgage twice as fast.

We wrote a complete guide on this, which goes into way more specific details and give your more options on how to crush your mortgage, on our site, and you can read it here: https://theminoritymindset.com...tgage-the-right-way/

Hope this helps! 😁

N

It's an interesting debate. Say if your mortgage rate is 2%, is it worth putting an extra $1000/mo when you could be putting that into an investment portfolio, which will *likely* yield greater than 2% over the course of 10 years?

I have decided to NOT pay down the mortgage, but put these extra savings into investments with the goal of pulling out to pay off the mortgage in 5 years. I've decided this for two reasons:

1) Assuming the investments go up 5-10%, that's a few more thousand dollars going towards your mortgage

2) When I put money into my mortgage, it's gone (unless I get a HELOC or sell). In the event of an an emergency I can take out any surplus interest I've gained through my investments, and I would be basically net with putting the amount in the mortgage in the first place.

The difficult part here is the discipline to not touch it. If you've got that under control then this (to me) is the best option.

R

Hello @RP I had the same thought process, but I took the other route of just paying off the home. I thought this would best fit my case to produce more ROI to buy another home and have a lower  debt to income ratio. Also, this would open more doors for me to cash in on the full amount of $$ from this rental. Also, to not end up paying triple for the house after the 30 year. You can also do what @Nathan_Gregory mentioned and refi to lower interest, BUT still pay the full price that you were paying already since you were already used to those payments. I refinanced 2 of my 3 homes since I was so close to paying one off. I am still paying the same amount on the 2 homes prior to the refinance process.

R
J

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