I did a couple years ago. It dropped my interest rate dramatically. All this was so I could double and triple my principal payment. I dumped tax returns and my annual bonus in there as well. Paid my house off three weeks ago. Mortgage debt free. Bought the house in 2006 for $225k. It was the best way for me to max out my principal payments so that I could finish the mortgage off. It only made sense by doing the math and maximizing my principal payments to put me on a 3 year payoff. The interest rates were so incredibly low, it worked in my favor.
It worked out for me, but it was a unique circumstance where maximizing my principal payments was paramount for a finite repayment plan to pay the house off before the ARM kicked in. I would only recommend it for paying off the mortgage within a set window before the rate can vary. After years of paying off my last divorce, all I have wanted to do is pay off all my debt and be completely in the black. My intention was to save like crazy for the last 10-15 years of my working career. If i can swing it, I want to retire in 10 years well before I hit 60. Sell my urban home and buy 50-60 acres in the foothills of the mountains and spend the rest of my life fully self sufficient. Right now, I have no remaining revolving debt. If I can't save up to buy something, I'm not buying it.
I did a couple years ago. It dropped my interest rate dramatically. All this was so I could double and triple my principal payment. I dumped tax returns and my annual bonus in there as well. Paid my house off three weeks ago. Mortgage debt free. Bought the house in 2006 for $225k. It was the best way for me to max out my principal payments so that I could finish the mortgage off. It only made sense by doing the math and maximizing my principal payments to put me on a 3 year payoff. The interest rates were so incredibly low, it worked in my favor.
It worked out for me, but it was a unique circumstance where maximizing my principal payments was paramount for a finite repayment plan to pay the house off before the ARM kicked in. I would only recommend it for paying off the mortgage within a set window before the rate can vary. After years of paying off my last divorce, all I have wanted to do is pay off all my debt and be completely in the black. My intention was to save like crazy for the last 10-15 years of my working career. If i can swing it, I want to retire in 10 years well before I hit 60. Sell my urban home and buy 50-60 acres in the foothills of the mountains and spend the rest of my life fully self sufficient. Right now, I have no remaining revolving debt. If I can't save up to buy something, I'm not buying it.