Avatar photo
BY Abu Mubarik, 1:30pm February 28, 2024,

Author who battled homelessness, bankruptcy achieves milestone after paying off her 30-year mortgage in less than 3 years

Mujiba Salaam Parker. Photo credit: Black News

In America, black homelessness is huge, and there have been attempts, both at the state and federal level, to address it. According to a report, more than 50 percent of homeless families are Black, even though Black people make up just 13 percent of the U.S. population. While some progress has been made, the crisis persists.

In the last few years, some individuals have taken up the mantle to address this challenge and also guide others to own properties. One such person is Mujiba Salaam Parker, who was formerly homeless, bankrupt, and on welfare, according to Black News. She has over 25 years of experience in the fields of economic and community development, as well as grant management.

Parker was able to pay off her 30-year mortgage in less than three years. She is celebrating paying off her mortgage 27 years earlier than planned. In this regard, she has a new report entitled, How I Paid Off My 30-Year Mortgage in Less Than 3 Years! to share how she was able to overcome her financial problems and then pay off her mortgage in record time.

According to her, she was motivated to write the report to let homeowners know that they can pay off their mortgages fast too. By doing so, homeowners will save $100,000 or more in interest and mortgage insurance over the life of the loan.

In the report, Parker describes step-by-step how she paid off her mortgage, her background on mortgages and amortisation, how her process is better than biweekly mortgage payments, how to easily earn more income and access more funds without incurring new debt, and how to save a lot of money. She also teaches homeowners how to think mortgage-free.

Also, Parker uses her inspiring story to equip homeowners to own their homes outright. “…As of December 8, 2023, I paid off my $164,495 mortgage in only 33 months (360-327 months). I saved almost $65,000 in interest payments by paying my mortgage off early, and I had the lowest interest rate in U.S. history at 2.65%,” Parker wrote as part of her report.

“If you have a higher interest rate, you’ll save even more money on the same loan by retiring your mortgage fast. In addition, I saved roughly $32,000 in mortgage insurance because…I had a FHA residential loan. This means that I would have paid nearly $100,000 in additional interest and mortgage insurance if I would have continued to pay for the remaining 27 years,” she continued.

“I wrote this report because I realised that owning your home free and clear is a great accomplishment that is unfortunately rare,” said Parker. “In fact, less than 27% of homeowners under the age of 65 have this luxury, according to U.S. Census data. I now know the peace of mind that comes from owning your home outright. I wanted to share my experience, along with 8 detailed steps that homeowners can take to pay off their mortgages fast and save over $100,000 in interest and mortgage insurance.”

In addition to her report, she has also raised millions in grant funding for a nonprofit organization based in Camden, New Jersey. The funding supports healthcare services and programs for people, irrespective of their ability to pay.

Last Edited by:Mildred Europa Taylor Updated: February 28, 2024


Must Read

Connect with us

Join our Mailing List to Receive Updates