#FridayFinance Find more at Finance Fridays Find the latest Kingdom Way Magazine at KingdomWay.caPaying off your mortgage in 5 to 7 years can help you change your life. Find out your mortgage options here: https://goo.gl/1up9dK

SUMMARY

In this video, Dave shares how to pay off your mortgage early. Dennis in Charlotte, North Carolina, just bought a house with a 30-year mortgage and a 3.6% interest rate. He’s considering refinancing to a 15-year mortgage and taking his money out of mutual funds in order to pay off his mortgage fast.

Dave suggests refinancing to a 15-year mortgage to reduce Dennis’ interest rate, which would save him money in the long run. This means Dennis could pay off his mortgage in 5 to 7 years!

If you want to get serious about paying off your mortgage early, you have to commit to paying a little extra on your regular payment in order to put a dent in your principal balance. Adding even just one extra payment each year can take years off your mortgage!

RESOURCES

Use Dave’s Mortgage Payoff Calculator to see how fast you can pay off your mortgage: https://www.daveramsey.com/mortgage-payoff-calculator

Get some ideas on easy ways to cut costs and pay off your mortgage in 5 to 7 years: https://www.daveramsey.com/blog/how-to-pay-off-mortgage-early

Have other questions about mortgages? We’ve answered them here: https://www.daveramsey.com/blog/mortgage-questions

THE DAVE RAMSEY SHOW

The Dave Ramsey Show channel will change the way you experience one of the most popular radio shows in the country! Watch video profiles of people just like you as they call in from Ramsey Solutions to do their debt-free scream live. The show streams live on YouTube M–F from 2–5pm ET! Watch here: https://www.youtube.com/channel/UC7eBNeDW1GQf2NJQ6G6gAxw

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