March 23, 2020
Tips for Early Mortgage Payoff
Faith & Finance with Rob West
A monthly mortgage payment is the biggest expense in most household budgets. To pay off your mortgage, you have to know what you’re doing. Should you make bi-monthly payments? What about refinancing? Are there pitfalls to paying off your mortgage early?
00:0000:00
Show Notes
A monthly mortgage payment is the biggest expense in most household budgets. Paying off your mortgage early is a huge step toward financial freedom. But to take that step you have to know what you’re doing. Should you make bi-monthly payments? What about refinancing? Are there pitfalls to paying off your mortgage early?
- To pay off your mortgage sooner, Rob’s preference would be to pay more each month. That’s because the extra payment would be applied against the principal sooner than the extra annual payment.
- There are other options to pay it off, like in one lump sum if you happen to come into some type of windfall, for example, an inheritance or a bi-monthly payment strategy.
- You can run into trouble if there’s a prepayment penalty in your loan agreement. So you need to pull out your closing documents and check for that, or call your lender to find out.
You Might Also Like
May 28, 2026
Keeping Things in Their Proper Place
Paul David Tripp once said, “A desire for a good thing becomes a bad thing when that desire becomes a ruling thing.” Rob...
May 28, 2026
The Church’s Response to Crisis in Lebanon with Camille Melki
Imagine if a quarter of our country suddenly had to flee their homes—unsure where they would sleep, how they would eat, ...
May 27, 2026
Redeeming Your Time
We often say, “Time is money,” but Scripture says it’s even more than that. Rob West points out that if we’re not intent...