Quick Tips for Paying off Your Mortgage

by Scotty Ledford, P.A. 01/02/2020

Photo by ESB Professional via Shutterstock

If the thought of getting a mortgage and being in that much debt is stopping you from buying a home, plan to pay it off. Here’s how you can do it in just five to 10 years.

  • Live well below your means. If you can keep your mortgage payment to below twenty percent of your take-home pay, you’re on your way. That means that instead of buying a larger house in an upscale community, buy the nicest one you can in the neighborhood you can afford. When you do this, you’ll not only save on the payment but your energy and maintenance costs will be lower, as well.
  • Take a 15-year mortgage. Instead of the typical 30-year loan, opt for the 15-year choice. Your payments will be slightly higher, but they won’t be double. Use an online mortgage calculator to see the difference in the payment. You’ll be surprised at how much more affordable cutting the loan length in half can be.
  • Use an early mortgage pay-off calculator. Try plugging in different payment amounts to see how quickly you can pay it off. Adding as little as $100 extra each month can massively reduce the years to completion.
  • This next idea is easy if you get paid weekly or bi-weekly. Instead of making your mortgage payment once a month, pay half of it every two weeks. Using this trick allows you to make an entire extra payment each year, cutting months and years off your mortgage. If you do it to match your bi-weekly payments, you won’t even notice the additional payment out of your household budget.

Your Agent Can Help

When you’re looking for just the right house to put your plan into action, your knowledgeable real estate agent can find you the perfect one. Let them know what you’re trying to accomplish so that they match you to the right house at the right time.

About the Author
Author

Scotty Ledford, P.A.

Originally from Southern Maryland and the Washington D.C. Area, Scotty graduated from Frederick Douglass High School in 1980. Upon earning an Associated Degree in Business from Prince George's College in 1982 he secured a manager position at Homes & Land Magazine of Southern Maryland.

In 1986, Scotty opened his own franchise; Home & Land Magazine of Prince George's County and later became the managing partner of the Southern Maryland Publication. For twenty-three years Scotty always placed in the "Top 20 Publisher's Club" in an arena of over 300 publishers/owner. He also won the coveted "Publisher of the Year Award" in 1991.

After purchasing a condo on the West Coast of Florida in 2001, Scotty hired a property manager and put it in the monthly rental program. If the condo didn't rent on a given month, he would come down from Maryland and stay at the condo for a couple of weeks at a time. Well, it didn't take long for Scotty to dislike having to go home at the end of his stay. It was apparent that Florida was going to become his new full time home and he moved to Sarasota in January of 2003.

Having always been in the real estate industry, Scotty obtained his Florida Real Estate License in 2004. Shortly after that, he sold his Homes & Land franchises in Maryland. Scotty held his license with a couple of large national brokers initially but decided that a local firm was a wiser idea. Recently Scotty became affiliated with Fine Properties saying "No other broker can give me the tools needed to succeed in representing my clients and their interests better than Fine Properties."

As a residential agent representing both sellers and buyers in Sarasota and Manatee Counties, Scotty has the experience, resources and marketing background to help anyone realize their real estate goals in the Sarasota-Manatee County market.