York, PA - Investing in Real Estate is by far my favorite subject and I pretty much eat, drink and breathe real estate investing. When buying real estate in York, my number one goal is getting the property for a discount. After doing so, the next question is figuring out how exactly I'm going to get the cash to buy the property if I decide to keep it.
Typically I'm looking for creative real estate financing. Perhaps lease options, owner financing, hard money...etc. But inevitably I find myself on occasion needing to get a mortgage. And let me tell you, if real estate investing is my favorite subject, having a mortgage is my least.
Bottom line...I hate having debt and want to do everything I can to get rid of it as soon as possible.
And you should too.
Now, it's been quite a few years but the talk of the town when it came to mortgages a while back was "How to Pay Your Mortgage Off Sooner". And the big AHA was the "Bi-Weekly Payment System" but for some reason it lost steem in the media and no one really talks about it anymore.
But you should.
Because...by following this system, you end up making 26 half payments, or the equivalent of 13 monthly payments each year. By doing so, you are typically able to payoff your 30 year mortgage in as little as 23 years!
Consider that a $250,000 30-yr mortgage with an interest rate of 6% would cost you $289,595 in interest. By paying bi-weekly, you will save $60,972 in interest.
To initiate it, all you have to do is contact your mortgage company and set it up. Everything pretty much takes care of itself on auto-pilot from there and you're good to go.
If you keep rental properties for income...talk about an increase in cash flow once your mortgage is paid off. Pretty nice huh?
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