How to Pay Off Your Mortgage in Five Years

My name is Clayton
Morris. (SINGING) I fell into a
burning ring of fire. Our gadget guru, Clayton Morris. Let’s dive into some
of these gadgets. Take a look at Clayton Morris. He looks pretty slick. He looks pretty cool. But believe it or not,
he was a Star Trek geek. This is the greatest
moment in my life. Next to you guys
being born, of course. The small print. Our friend and former Fox and
Friends Weekend co-host Clayton Morris has gone to gadgets
and sci-fi and the real world of real estate. He now has a new book out. It’s called How to Pay Off
Your Mortgage in Five Years. Yeah, my first thing, call
Clayton, ask for money. Right. Clayton is back
on the curvy couch to share what he’s been up to. Clayton, good to see you. Great to see you guys. Thank you so much for cleaning
up for me around here. I know, right. It feels right at home. What’ is like not
having an alarm clock wake you up at
3:00 in the morning? You know, I’ve gone from
not having an alarm clock, my watch waking me up. Although, this was the first
morning in a year and a half, since I left Fox and Friends,
that my alarm clock went off. But my six-year-old
little girl, Ava, if you’re watching
right now, I love you, but she wakes me up
with her little feet like every morning at 5:00 AM. We got one of those
glow clocks that tries to keep her in the bed. And it never works. And there she is. I can’t believe
she’s six years old. I remember, Miles is eight now. I was here at Fox and
Friends when he was born. We remember. It’s unbelievable. So there’s– Well, congratulations. –and Santa. Absolutely. I follow you on social media. I subscribe to our
YouTube channel. You’ve got this new book
out right now as well. What are you trying to do? Well, you know, a lot of
people don’t know this, but when I was here
at Fox and Friends, you know I wasn’t
good with finance. So I was about $75,000 in debt,
credit card debt, student loan debt. This is most Americans, right? Yeah. I went downstairs one time to
pay for coffee when I first got to Fox, and my
debit card didn’t work. I couldn’t pay for coffee. I had a foreclosure
that I’d gone through. And I said, something’s
not right here. I’ve got to get
strong with finance. So I started investing
in real estate. I started figuring
all of this out. I had a 500 credit score. So if you’re watching right
here thinking I can’t do this. Oh, he’s on Fox. He can do that. No. I had horrible credit . And so I figured
out a way to start getting really smart
with financing, leveraging some of the
tools we all have access to. Right? A 401(k), a military retirement
plan, all of these tools to start to go after
your primary mortgage and to cut it in half. And so that’s what the
book is really about. I go through in the
book, and my wife, we have done this
multiple times now. We’re helping people get
financial intelligence by getting a hold
of your finances. Paying down your mortgage
in a short amount of time. You would watch one of
your loved ones lose a job. And you said, I don’t ever
want to be bound to a contract because I could lose
my job at anytime, so I want to have extra
money coming in, right? We are blessed, right? We have amazing jobs. To be blessed and have this
job, and a lot of people waking up this morning
watching this show, blessed to have a job, right? But at the end of
the day, most people think that that W-2
job is a safety net, or the house they
live in is an asset. And I’m sorry. And don’t get mad
at me, it’s not. Right? The safety net comes from
you putting passive income in your pockets every month from
some sort of performing asset. A house you live in is
not a performing asset. So buying a rental property. So what’d you do? You started buying
rentals, right? I did, while I was here. In addition to that, you
could buy businesses. So many of your viewers have
small businesses, right? Absolutely. So if you can start to
have monthly income coming in where you’re building a
safety net for your family. You’re getting smart with
your finances, the stuff that we were not
taught in high school. So in the book we teach you
step one is to educate yourself about what’s in this mortgage. So I brought in a
little fake mortgage. This is most people’s
mortgage, right? Right. And it’s got
thousands of pages, it feels like, in here that
most people never read. The first step is to sit down
with your spouse, your loved one, grab a bottle of wine,
and actually go through and figure out what’s
in that mortgage. What fees are you paying? I think you should be sober. I’m just saying. Well, you might need a drink
after you look at this stuff. And you realize
all the fees that are hidden inside this mortgage
that you don’t know about. And once you get a handle on
that and educate yourself, then you can go down a step two. The banks don’t want
you to know this, right? They don’t want you to know. They want you to
pay over 30 years because they make more money. Of course, because if
you’ve got a $300,000 home that you buy, by the
time you’re done paying it, you’re paying the
bank about $700,000, $800,000 for that house. So what if you could slash it? So that’s what we
teach you in the book. The two biggest enemies
are time and interest. So time and interest, right? They’re like punching you in
the face like everyday, time and interest. Well, what do you do about it? So you have these
tools at your disposal. You may have a 401(k). Most people think the
401(k) is the sacred cow. You can’t touch it. That’s hogwash. You can actually borrow
from your 401(k). Not withdraw from your
401(k) and get a penalty. Borrow it from the bank of you. You used to be able
to borrow $60,000. And then you have
to pay it back. Bingo. And you have pay it
back with interest. But that interest
goes back to you. To you. The bank of you. You make the interest. So you’re making money. Exactly. And so you can use that. Maybe just take 5,000 of that. And fire it at your principal
balance of your mortgage. You will save thousands
and thousands of dollars by going after the
principal of your mortgage. And make sure you’re doing
it different from to paying an extra payment. yes As opposed to walking in
and doing a principal. Totally different point. And great point, because if
you just make an extra payment, again, you’re paying
an interest payment. You have to make sure on
that payment, no, bank, this is going to the
principal balance. You better pay attention. You better call them
up too, because a lot of times they’ll just put it
right towards your interest payment. No, this is going to
the principal balance. And then in the book, we give
an amortization calculator away. You’re going to watch
thousands of dollars come off of your bottom line when you
make and use this strategy. So not just a 401(k), a
home equity line of credit you can use. You can use other things
and other financial tools at your disposal. We have a lot of
military members who watch our YouTube channel
and listen to our podcast. They use their version of
the 401(k) in the military to do the strategy. So this is the stuff we
weren’t taught in high school. And that’s what I’m doing
now, to answer your questions. Getting out of debt,
paying off your mortgage. It’s freedom. Isn’t it? Yeah, exactly. So the YouTube channel is? So it’s the Morris
Invest on YouTube. We have 81,000
friendly subscribers. Unbelievable. And the book? The book is called
How to Pay Off Your Mortgage in Five Years. It’s on Amazon right now. That’s fantastic. Wow. Congratulations. Great to see you. Great to see you guys so much. You explain it in a way
even I can understand, which is not easy. Well, my wife’s the
smart one in the family. So you know, I’m [INAUDIBLE]. Try reading your mortgage. That’s a whole different animal.

42 thoughts on “How to Pay Off Your Mortgage in Five Years

  • You were great, it was crazy because when I first saw you on youtube, about 10 days ago, I had to do a double take. Loved you on Fox. Peace to you and your family. Peace to all the intelligent people that are following Morris Invest.

  • Thanks Clayton I apprciate you taking me out of 30 years mortgage and cut it with butter knighf. I learned so much from your method.

  • U had them at hello !!! Lol. I could see all there wheels turning in there heads about paying off a mortgage n investing like u lol. Great work 💵

  • I want to use his proses enough to rent out homes in gated communities to section 8 people. I think it would be less about the income from the renter and more about providing great homes to people in need…. after I have set my accounts straight.

  • I'm looking for my forth rental unit now. Clayton not only gives sound advise but does himself what he is telling you to do. He also shows the failures he has done to steer others clear of doing the same.

  • I’m sorry but that is so dumb! The only way to pay off your mortgage is to pay off your mortgage! If you borrow from your 401k or borrow against your house you didn’t pay anything off, you just moved the debt! Plus, you just put yourself in a much riskier position because if you lose or quit or get fired from your job you have 60 days to pay that 401k loan off. Folks, follow Dave Ramsey’s 7 baby steps if you want to get out of debt and build wealth.

  • Good video. My home mortgage is already paid off, but I'm going to buy your book anyway and look for strategies to pay off our three (and growing) rental properties. Thumbs up, and it was probably fun for you to be back on the set at Fox!

  • The #1 best way to pay off any debt is to use VELOCITY BANKING! you don't need to buy anything or partner up with anyone to do this.

    If you notice my comments about velocity banking never got a heart like comment from Clayton but everyone else's comments got a heart like from Clayton hahaha I wonder why

  • Sooo, just got off the phone for first call, with Larry of Morris Invest. A bit disappointing…the update from him is that what Clayton did is no longer available (buy properties for 45-60k with good ROI). per Larry, 'way back then' (couple of years ago??) one could get a loan on a property worth about $50k (loan of $45k). But he says they can sell me a home valued around $100k, for the $20k I will have to put down, I can make about $5k/year, and in 10 years start to see real cash flow(!)…I asked about Fund and grow 3xs, (to combine with my $20k to buy for "cash") he didn't answer this, nor my Private money questions, but says I cam get credit cards on my own to do the same thing, but maybe won't be successful with this. I don't know if he's working for or against Morris Invest, but very sad to know only offering $100k properties now. I want to invest, just hearing about Morris Invest this month, was very excited, already working out my own strategy to get involved, but per him, the turkeys for $45-60 not what's actually offered now. So confused and disappointed….

  • You have my attention!
    I never understood anything about having a 401k because I never had one till now. I used to hear people say that the IRS will penalize you if You take your money out. How is that so was my question WHEN IT'S MY MONEY? I have a better understanding now. It's good to know that it was a misunderstanding about them penalizing you if you BORROW from your 401k

  • Hi Morris, I owe 100k on my mortgage. My interest rate is 2.75%, my current home value is 280k. My monthly cost with insurance is $2000, and I should be done paying it off in 2021. Do I still need to get a HELOC to pay mortgage early? Or what are my options at this point?

  • I love and appreciate Mr and Mrs. Clayton Morris. I listened to your recordings every morning when I'm working. I will have my first rental property next year.

  • Hi Clayton,
    I will like to ask your opinion about something.
    I applied for a loan with a private lender. They sent me the terms of the loan, I will like to forward it to you or Natalie for a second opinion. Do you mind if I do so?

  • Hey Clayton, Any specific advice for using a HELOC in Texas? I'm looking for the most efficient way to juggle everything with the Texas rules.

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