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August 16, 2021

How to Pay Extra on the Mortgage (Principal, Not Interest!)

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Yolanda wants to pay extra toward her mortgage but she’s not sure if she’s doing it correctly.

Holden Lewis, a Mortgage Expert from NerdWallet, joins me to help her out. We discuss how to ensure your extra mortgage payments are going toward the principal and how refinancing your mortgage may fit into the picture.

Episode Overview

Holden Lewis and I review the following:

  • When you're paying extra on the mortgage, how to ensure it's going to the principal
  • How to determine how much extra you should pay toward your mortgage
  • Why a cash out refinance may not be the best move financially

I was excited to support Yolanda with her question and I look forward to hearing if this chat helped her. If you're looking to pay extra on your mortgage, check out our episode and see if it helps you too!

LISTEN AND SUBSCRIBE ON:

Guest Bio – Holden Lewis

Holden Lewis is NerdWallet’s authority on mortgages and real estate. He has reported about mortgages and housing since 2001, covering mortgage rates, trends in the housing market, and home buying and selling strategies.

Holden Lewis Resources

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Are you working on paying extra on your mortgage?  Do you like the advice from Holden Lewis?

Please let me know in the comments below.


Andy Hill

Andy Hill is the award-winning writer, speaker and podcaster behind Marriage, Kids and Money - a platform dedicated to helping young families build wealth and thrive. Andy's advice and personal finance experience has been featured in major media outlets like Business Insider, MarketWatch, Kiplinger’s Personal Finance and NBC News. Trusted as a personal finance influencer and corporate financial wellness speaker by global brands like JLL, Andy’s message of family financial empowerment has resonated with listeners, readers and viewers across the world. When he's not "talking money", Andy enjoys wrestling with his two kids, singing karaoke with his wife and watching Marvel movies.

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