Jan 28, 2020
Not having a mortgage payment sounds like a dream, but is that a realistic goal for a family with young kids?
Andrew shares how his family ‘found’ money to pay their mortgage off early and still have fun together!
Paying Off Your Mortgage Early
How did you feel when you bought your home?
After you moved in, got all your stuff inside and arranged, what did you feel?
Were you thrilled? Exited about having a place to call your own? Or did you feel like Andrew- suddenly aware of the long road ahead before you actually own your house free and clear?
Did you know that right now in the U.S. around 37% of homes didn’t have a mortgage on them?
Many homeowners are those who are approaching retirement, but there is a chunk of millenial homeowners – almost 16% – who are mortgage free now.
Let’s just think about that for a bit – how would you feel if you had paid off your house early? How would you feel if you had no mortgage to pay?
Today we’re going to look at that option – paying your mortgage off early.
Is it, one – a realistic goal? And if so, how do you set yourself up to knock it out faster?
Today I’m talking with Andrew Daniels. He’s the co-creator of Millennial Homeowner and one of the founders of Thriving Families about how he and his wife paid off their mortgage early.
And if you’re thinking of buying a home soon, you’ll want to hear what Karen Ashley, who’s the Mortgage Sales Manager from Coastal Credit Union about how you can buy a home you love and can afford.
In this episode, we’ll get into:
- Why he and his wife decided to pay off the mortgage early
- The strategies they used to make it happen
- Options you should weigh before your start your debt free plan
Let’s get started!
Resources to Help You Pay Your Mortgage Off Faster
Looking to see if paying off your mortgage is the right way to go? Would you like to set up your finances to make it work?
Here are some handy resources to try out and use!
- Best Budget and Money Apps: Personal Capital, Tiller, Mint, Honeyfi, Zeta
- Free 401(k) Analysis: Blooom
- Grow Your Stash Faster: High Yield Savings with CiT Bank
- Jumpstart Your Marriage and Your Money
- Mortgage Masterplan
- Millennial Homeowner
- New house checklist
Thank You to Our Sponsor Coastal
Support for this podcast comes from Coastal Credit Union!
If you’d like someone to work with you on your goals, Coastal has the people, accounts, and services to help you hit your goals.
They can also walk you through different options you have to make your mortgage more affordable!
Next Week on the Podcast…Mastering Taxes
Since we’re on the topic of setting yourself up for big financial wins, have you ever thought about how you can capitalize on your taxes?
Next week we’ll look at some big tax deductions and credits to look into and how to set up things this year to make next year’s taxes less stressful!
So if you haven’t already, make sure you’re subscribed. You don’t want to miss that episode.
We’re on iTunes and wherever you get your podcast from!
Our music today was from Lee Rosevere.
Finally and most importantly, thank you for your support!
If you have any questions or ideas for the show, please email me or join our free and private Facebook group Thriving Families.
We’re all about encouraging one another with our goals. I hope you have a wonderful week, take care!