2007-02-17 19:24:05 · 5 answers · asked by charlie 1 in Business & Finance ➔ Renting & Real Estate
Pay off the debt.
2007-02-17 19:28:04 · answer #1 · answered by bakfanlin 6 · 0⤊ 0⤋
There are many ways to do this, though I'm not sure why you would want to lose the mortgage interest deduction you get by having a mortgage. One way we've used to pay down mortgages, particularly on investment properties is to send two checks every two weeks or every month when you pay your mortgage payment. The first is your payment and the second, marked "Principle Only" goes straight to your principle.
2007-02-21 04:09:29 · answer #2 · answered by Jay S 3 · 0⤊ 0⤋
If you have credit card debt you could refi all your payments into one saving you a ton of interest on your credit card interest (if you have enough equity in your home). Then continue paying the same amount you were before to your your credit cards & mortgage to your mortgage. If your new loan saves you a few hundred dollars a month apply that to your mortgage. You would need to get a debt analysis to see if this would be of benefit to you.
Best Regards,
Anthony
www.lowermydebtnow.com
anthony@lowermydebtnow.com
2007-02-18 02:48:21 · answer #3 · answered by lowermydebtnow.com 2 · 0⤊ 0⤋
Pay more than the minimum, or make extra payments. Just make sure that if you do this, you can afford it. Mortgage money is the cheapest money available, and is far less expensive than things like credit card debt.
2007-02-17 19:29:03 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Pay two payments a month, designating one payment "principle only". Or refinance into a 15 year loan.
2007-02-17 23:13:37 · answer #5 · answered by Alterfemego 7 · 0⤊ 0⤋