If I pay my mortgage weekly instead of monthly will that shorten the time it takes to pay my house off?
955528
With all the loan options and programs out there, why would you want to PAY OFF your loan?  Keep the money moving and become a real estate investor.  Talk to a few financial consultants and find out what options you have and what you can do with the equity built in your home.  Then contact a mortgage lender to get the best loan for your money.  At this day and age, the days of working to pay off your home are long gone.
624645
It would be better to pay off the HELOC first. The more you pay towards the principle, the lower your minimum payment becomes.  If you continue paying the same amount (+ the $500) you will knock that down real fast.\n\nIf you pay extra on your fixed rate mortgage, your payment stays the same, just the balance goes down.\n\nIf your income changes and you need the extra cash flow, the HELOC payment has already gone down and if you need to get the cash back, you should be able to pull it back out of the HELOC.  You can't take it back out of the 1st mortgage.\n\nAlso the HELOC is a higher rate and may continue going up, so the sooner you eliminate that the better.\n\nGood luck,\n\nGreg
193792
Possibly because you haven't been paying the minimum interest payments. I know on my interest only mortgage, they allow me to do this without penalty, essentially increasing my principle each month. They actually highlight an amount on my statement that is less than my interest, trying to trick me into paying less today. It's all part of the scam. Read your statement carefully and pay more than just the interest due.
1143760
She should speak with the current mortgage lender regarding a "Short Sale".  This type of transaction is used when the house sells for less than the mortgage owed.  Yes, the difference must be paid back.  A payment schedule is created by the bank.  It is a better option than bankruptcy - but will still effect her credit score (or anyone else's score that is on the loan).  However, most people who have a short sale are still able to buy another home (while bankruptcy could proclude one from doing that)
665626
Very fast.  Only a few months of good credit payment and your score will go up.  Even faster if you have a mortgage.
170321
There are a few ways to have your mortgage paid off, none that are easy or worthwhile imho.  For instance, many insurance policies will pay out for permanent disability by picking up your mortgage payments.  Of course, the permanent disability would be a downside and you know it would be contested by very expensive lawyers.
123039
No, that's not possible.  Even if you paid 0% interest, that would take 87 years, 6 months to pay back.\n\nA $420,000, 30-year fixed rate mortgage should be just a little over $2500/month today.\n\nFor comparison, my $90,000 mortgage is over $600/month.
117310
NO! Keep in mind though that for every $1000 you put down, it only lowers your monthly payment by $7.00!!! I found that by negotiating not only the price, but the monthly payment you are comfortable in making, is easier than you think, and if all you have is $5000, than work with that.  In todays market, it's all about making the sale, and they will figure a way to please you to make that sale.  Plus, there are programs out there to help you with the down payment AND the closing costs, and if you live in the home for a minimum of five years, you might not even have to pay that back. Ask your Real Estate Agent or bank for the information. Good luck!
753543
I'd say the most important thing is to get any outstanding debts paid off first if you can.  That will then obviously reduce your total monthy payments and then may give you a change to get a mortgage with less monthly payments or one for more money.
795683
Whether you pay points to get a lower rate or not depends ultimately on how many and how long you plan to live in the home, and how long you will be in that loan.  \n\nAny loan officer who presents points to you should be able to clearly map out what the rate savings is, and how long it will take to break even.  For example, if you pay 1 point and save .25% per year, you will break even in approx. 4 years (it's not linear).  So if you are in the home for 10 years, you would save 1.5% over the 1% you paid.  \n\nMost loans are only around for about 5 years.  If you've never had a single mortgage longer than 7 years, you are probably better off paying no points and taking the higher rate.\n\nSellers can typically pay anywhere from 3 to 9% of the sales price for your closing costs.  It generally depends on your down payment.  The more you put down, the more the seller can pay.
164735
to reduce payments and interest
1180190
pay month to month\nthe finance charge is already figured into your monthly payments...it would be silly to pay it all off with savings
1015760
You will generally get a better rate from a cash-out refi than from a home equity loan, but the equity loan will be paid off sooner.\n\nHowever, if you already have two mortgages, it sounds like you're overextended and probably should not be taking more equity out of your house.
1004855
I'd put 15% of your monthly income into the retirement fund monthly, and if you have any extra left over, then apply it to your mortgage to pay it off faster.
124159
You can't.You may deduct the interest portion of the mortgage payment if you rent the house out.
176971
Yes you should consolidate. It makes it easier to pay because you'll just have 1 payment. If you move around, you'll also just have to keep track of 1 loan instead of 2. Try this http://www.dlservicer.ed.gov/consolidatenow/welcome.asp . My husband and consolidated with them. They have a low rate and they offer a discount if you pay automatically from your account every month. They also adjust your payment according to changes in interest rates automatically. You'll just notice that your monthly payment has decreased.
499566
There are a number of options depending upon your Mortgag company.  There are skip payments, interest only payments, etc... Consumer Credit Counseling (CCCS) cannot help you with lowering your house payment & any company that does not wish to accept CCCS terms will simply mark you delinquent.\n\nI recommend you call your mortgage company - talk to them, let them know your situation and see how they can help.  \n\nYou will be amazed how willing they are to work with you if you call when you are first entering a hard time!!