How to cut
15 Year Mortgage In Half
4 Easy tips on how to pay off your 30 year mortgage in 15 years or less!
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welcome back to bullying bear poor guys
my name is crawl today's video is about
how to reduce your thirty-year mortgage
down to less than half yeah that's how I
did it I took out a 30-year mortgage
when I bought my house it was a duplex
duplex it's like a two family but my
part of the house was bigger and this is
a house hack that ended up being I'm
staying you know because the cost of
living so expensive the thing is to get
out of debt as soon as possible
especially when you're younger so this
was my tips and tricks and how I reduced
my 30-year mortgage to actually 11 and a
half years I think it was a little like
11 and a half years or so it's gonna be
three basic steps to get there
number one when you get the mortgage I
started soon after maybe a couple years
afterwards change your mortgage to a buy
monthly payment which means that you'll
pay instead of one mortgage payment
every every month you pay two payments
one every two weeks like every house
would have a month it's the same payment
cut in half and what it does is it
reduces the interest you're paying a
little quicker on that half payment
because you're putting it in towards
principle a little bit faster so it's
reducing the interest on half the month
on top of that by doing that sort of
schedule you're adding in like an extra
payment but spread out evenly because of
the way the months work and you know
things like down two weeks so you're
putting in like another half or one
payment a month you know I could you
know easily so you're not like going
crazy so every other week you know
you're making a payment who will pay
minimum payment that's a trick number
one you could call up your bank and
there might be a little fee for it but
trust me to get you on this path to
reduce your mortgage as fast as possible
it was worth it and that's what I did
all right step number two that was an
easy one but not another trick I'll tell
you about this in a little bit is I'll
tell you right now another trick that
keeps you motivated is if you're a
mortgage fine get
get the online link on how to how to log
into your mortgage and like I had thing
with Bank of America and I was able to
login to Bank of America your mortgage
usually the hub oh you can check out
your payment status and your history and
all that stuff and get that information
now access so you can log in easily and
you can see and it shows your list up
okay okay you have this many payments
this is your principal balance at the
top and every time you make that half
payment it'll show you now you have 30
30 years they have 29 years you know it
shows you the months like backtracking
because you're kind of prepaying a
little bit a little bit each time and it
shows you your balance reducing so keeps
you motivated so that's that's one trick
I do and I kept going back to that and
and it's like a disease once you start
seeing the debt reduction you start
getting yourself like I can do this I
can do it harder I want to hate harder
and that's what you need you need
motivation so that's it's a key part of
this whole process is being motivated to
get rid of that debt another nother
trick trick number two add a little bit
extra each month to that principal pain
repayment yeah that's right every month
on the first let me get like it's it's
like your electric payment how do I get
that money I can't afford it you can
afford it you can find it I mean people
go to Starbucks they dapeng five dollars
for frappuccinos you're just dig a
little bit even if it's fifty bucks a
month a hundred bucks a month get a
part-time job if you have to just do
inside things maybe it's related to your
business maybe it's not maybe it's
delivering pizzas on the side maybe it's
whatever you can figure out maybe it's
adding a couple extra hours a week at
your job if they allow overtime you can
do some overtime once once a week make a
few extra bucks put it towards an
envelope saying this is principal
repayment right in there don't even
bother it or doing online business try
to try to write a book sell something
online find a product anything you want
as long as you make a little extra money
$50 a month $100 a month
$500 a month whatever you do it - that
side business gets a little bit more
profitable put that little extra more
and more into the mortgage payment as
principal only in the first time I'll do
it like every month
it's kind of a nice hit on the first
month and you'll see the results like if
you engineer every two couple weeks it's
a little bit too many and too much
activity so I do I did it once a month
and beginning in a month
whenever I saved up extra on the side
gigs or whatever I had extra overtime we
did a little better
I put dining for the extra mortgage
payment then I would lock back into the
website here's the motivation part check
it out
boom all I mean extra fried or
non-payment now it's twenty eight and a
half years you know twenty eight and
forty years you know a really it's
starting when you do that kind of thing
it adds up this is the number 3 tip
number three this is the best one when
you get your tax return if you get a
nice refund pretend like you never
received it some years I had maybe four
or five thousand on tax returns I just
put the check sign you'll put in my bank
man another cheque right to the mortgage
company boom pretending like it never
happened never saw when you get those
kind of chunk at additions your mortgage
literally your mortgage payment will go
from twenty eight no more doing a
bi-monthly will already reduce your
mortgage from a 30-year downs like it's
25 24 just like that just by doing that
one thing then you start doing the extra
little bit each month from side jobs
then it's 23 22 21 then you get those
tax returns you just slam it in there
one shot also since 20 years took two
years off your principal off your off
your mortgage payment and then you're
getting rid of that 10-year block that's
the key then you get into the 20s and
you start you start chipping away hard
you get motivated you do it more and get
more side gigs side you start getting
maybe a little bit better maybe the side
business you have a little better make
it more generating more profits who
knows what you're doing you got a raise
at work raise put in towards principle
boom do that that was a big factor and
then just chipping away at it until it
before you know it's like 18 years 17
years 16 15 14 and then you get to
loving and then you know however long it
takes you and I paid it off in 11 a half
years for a 30-year mortgage payment so
that's my take tips and tricks on how
you can get rid of your 30-year mortgage
payments
and of course my biggest tip was I
bought a two-family house as my first
house that was a house hack they call
him now
but back then I looked at it as a little
bit of an insurance policy I figured it
was a main floor with the finished
basement with a kitchen and stuff so
before we ate kids I even went down the
basement to get more money putting it
right towards the mortgage and then the
second floor is identical to the first
floor it's like a living room dining
room kitchen three bedrooms two floors
plus the connected basement that was
part of the first floor once I had the
kids and I already was chipping away at
the mortgage good enough I kept it
downstairs which is this room here it's
ultimate just like it was like a
thousand or 1,100 square feet it's
really nice and then the house had that
that extra payment on the second unit
helped pay for the taxes so it wasn't
out of your pocket so then all the money
you mean you could go towards the extra
principle payments that is like just
such an important thing that some people
were like I don't want it to family I
don't want to have to deal with it but
trust me there's people who Bloods of
one family it's all on your back if you
have a two family you have a little help
paying off that mortgage faster that's
another major factor that I count to
getting rid of that 11 year I mean
30-year mortgage in 11 and a half years
was the multifamily to family plus all
these other three ticks and tips and
tricks to get you there quicker plus to
stay motivated by getting on the website
and tracking your progress which gives
you a good visual on where you're at and
how like it's like a feedback loop you
get more excited as you get it more
aggressive at it and then it keeps you
motivated just I can't say more enough
than that the motivation is just awesome
okay guys and being financially DEP 3
it's even more awesome where every penny
you make after that is for you it's for
investing in your future and your
financial freedom and that is the best
part of all okay guys so I hope I helped
you out get you motivated to get rid of
that 30-year mortgage in half the time
okay if you have any comments or any any
other suggestions you want to make leave
in the comments
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tips and tricks and how to become
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to where your money works for you and
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great day and I'll see you in the next
video
