mortgages

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A relative has lived in his house for almost 10 years, he will have his house paid for in 3 years. He has made double house payments since he moved in, applied to the principal. Every little bit helps.

Herlean wrote: I don’t know much about refinancing, except you have to pay for an appraisal to be done (a few thousand all together for the refi, I believe). You can send an extra $10 a month to your mortgage company and in the memo of the check be sure to put for principal only and pay it in a
separate check after you have made the regular payment. it all adds up.

if you just add extra to the regular payment, it is not going to go 100% to pay down your principal. if you have any extra money, throw it towards the house, esp. if all of your other debts are paid.

herlean

katie wrote: hi, i was just wondering if anyone had any advise about mortgages….
how to pay them down quicker on a very tight budget? how often should
you refinance and when you do should you go for a shorter term? i am
just frustrated with my whole lack of budget and need lots of help!
thanks,
katie

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