Ask The Money Coach

A Facebook fan asked me the following question:

Question: While I suspect that you cannot endorse or disparage a particular product, I was wondering of you can offer your thoughts on programs, offered for a fee, that claim to show you how to pay off your mortgage in 8 – 11 years. Generally speaking are these programs legitimate?

Answer: You are correct that I don’t want to bash any particular financial product or service without knowing the specifics of what they’re offering.

However, I can tell you this: If you have a home and you want to pay off the mortgage quicker than 30 years, you can indeed shave off about 8 years from that mortgage just by making one extra payment each year. You really don’t need to pay a fee for this to some third party. You can simply write an extra check to your lender and write a letter to them indicating that you want this additional check to be applied toward your principal balance. It’s a good idea to also send along one of your monthly statements, and to write “Pay toward principal balance” on the check itself. Then keep making your other normally scheduled payments. In addition to outside firms or third parties, your own mortgage company might also offer to set up extra payment arrangements for a fee. But again, you can readily do this on your own without incurring additional costs.

Hope this info helps.

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