How the Great Recession Inspired Me to Pay Off My Mortgage Early – with Christin McKamey

The Great Recession (2007-2009) caused higher levels of unemployment, plummeting real estate values and a lot of people to feel uneasy about their financial situation. Many parts of the United States were hit hard during this financial crisis, especially my home town of metro Detroit.

Today, I talk with Christin McKamey, a fellow metro Detroiter and the blogger behind Veggie Chick. We discuss how the Great Recession affected her and her husband Robert financially and emotionally. At one point, Christin found herself in nearly six-figures of debt with no job prospects. Her drive to improve her financial situation helped her to eliminate her debt and eventually become mortgage-free.

We chat about her and her husband’s financial past and upbringing, how she earned extra money to get rid of her debt and what they will do with their money now that they are mortgage-free.

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Mortgage Payoff Calculator: 10 Steps to Pay Off Your Mortgage Early


Our question of the month comes in from Mike:


Andy,

I saw the Business Insider article about you paying off your mortgage early.

We’re in a similar situation. With $228,000 left on our mortgage, our plan is to pay it off in 6 years. We’re looking for advice and shortcuts!


That’s awesome to hear you want to pay off your mortgage early, Mike!

You’re looking for steps, shortcuts, and advice on how to pay off your $228,000 mortgage in 6 years … Let’s do this!

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How We Paid Off Our $160,000 Mortgage in our 30’s – with David Venis

On our Mortgage Freedom series today we’re going to interview someone who paid off their mortgage at 32 years old. And now he and his wife have a lot more money to enjoy.

David Venis and his wife Stephanie live in East Central, Illinois, with their awesome pup named Abby.

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I completed Dave Ramsey’s Baby Steps. Should I now invest in real estate or the stock market?

Our first question of the month comes in from Christie from Cincinnati:  


Andy,

I love the podcast. I have two questions.

How long have you been on Dave Ramsey’s Baby Step 7?

We are on Baby Step 7 with 1 paid-for rental. We are considering selling the rental property and just investing in a mutual fund instead. 

I know you keep talking about buying a rental, but after 8-10 years we are finding it really isn’t making as much money as we think the stock market could. And we won’t have to worry about tenants calling with a problem. 

What are your thoughts? 

Christie

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How We Paid Off Our Mortgage Early By Living On One Income – with Tracey Sherman-Falcon

For this month’s Mortgage Freedom series, I caught up with Tracey Sherman-Falcon from Aurora, IL. She and her husband Gandi Falcon just paid off their mortgage!

They are so thrilled with the emotional benefit of paying off their mortgage early that they are ready to pay off their rental properties as well.

As a truck driver and a food truck owner, Tracey and her husband Gandi paid off their mortgage early on a household income of less than $100,000 per year.

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How Our Kids Helped Us Pay Off $250,000 of Debt (Including our Mortgage) – with J’Neal McCoy

For this month’s Mortgage Freedom series, we’re talking with the McCoy Family! They partnered together to pay off their mortgage early.

In the 3 years that I’ve been doing my podcast, I’ve never interviewed both parents and kids together! That’s what we’re going to do today.

J’Neal, Jeremy, Jensen and Miller McCoy are from Nixa, Missouri. J’Neal works at the local technical community college and Jeremy is an Assistant Principal at the local high school. And Jensen and Miller are currently working their way through 6th and 4th grade.

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10 Compelling Reasons to Pay Off Your Mortgage Early

There are so many opinions on whether or not you should pay off your mortgage early. 

Some say that paying off your mortgage is a bad idea because you could make a lot more money in the stock market. With the bull market over the past decade, there’s a lot of truth to that. 

And others appreciate the peace that comes with not owing anything to the bank each month. The benefits that come with that freedom are hard to deny as well. 

So, what’s the right answer? 

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Ready to Pay Off Your Mortgage? Remember These 10 Important Steps

So you’re ready to pay off your mortgage?! Congratulations!

There are some important hoops you have to jump through to make this momentous occasion official. After all that hard work in paying your monster loan, let’s make sure you cross all your “T’s” and dot your “I’s”.

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Pay Off the 30-Year Mortgage Early or Invest?

Our first question of the month comes in from Patrick from California:


Hey Andy, can I pick your brain real quick about paying off your mortgage?

I just bought a house here in San Diego and got a 30 year fixed on it. 

If I wait 30 years to pay it off, I will have paid $162,000 in interest which doesn’t sit very well with me.

What was your reason for paying off your mortgage?  

I was thinking instead of making extra payments on the principal that I would instead invest that money. After 8-10 years I would have amassed enough to pay off the mortgage in a lump sum.

What are your thoughts on that? Invest the money or pay off the mortgage?  

My reason to accelerate paying it off is that: 

1. I hate debt  

2. Lower my monthly expenses after loan is paid off  

3. Save at least $100K in interest payment

Many thanks bro!

Patrick 


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