How can I cut years off my mortgage?

Five ways to pay off your mortgage early

Refinance to a shorter term.
Make extra principal payments.
Make one extra mortgage payment per year (consider bi-weekly payments)
Recast your mortgage instead of refinancing.
Reduce your balance with a lump-sum payment.

How long does it take a bank to repossess a house?

How long does the repossession process take? With the various steps that lenders need to follow to apply for a repossession order, the whole process can take up to 9 months. This can differ case to case, but in general, it’s quite a slow process.

What happens when a person dies before paying off a house?

Generally the surviving spouse takes the deceased spouse’s interest in the house and also takes over the mortgage. If he cannot afford to make the payments, he will either sell the house to pay off the mortgage or risk foreclosure.

How long do you have to live in a house to avoid capital gains tax?

To get around the capital gains tax, you need to live in your primary residence at least two of the five years before you sell it. Note that this does not mean you have to own the property for a minimum of 5 years, however. Once you’ve lived in the property for at least 2 years, you’d reach capital gains tax exemption.

What happens when you stop paying your mortgage?

When this happens, the entire loan becomes due and repayment plans are no longer an option. The timeframe varies by state, but sometimes as quickly as six months after the first missed payment, a lender can list the home for sale or hold an auction. A homeowner will have to vacate.

When do you not have to pay property tax on your home?

Here’s how to do it right. Homestead exemptions keep you from paying tax on a portion of your home value. For example, in Alaska, homeowners who are 65 or older don’t pay taxes on the first $150,000 of assessed value for a primary residence. Some states tie the homestead exemption to income level or other criteria.