| Three Methods To Eliminate Your Mortgage |
| Articles - Mortgage |
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How would your life be different if you no longer had a mortgage payment to make? Would you take more vacations? Would you purchase investment properties? Would you retire early?
How would your life be different if you no longer had a mortgage payment to make? Would you take more vacations? Would you purchase investment properties? Would you retire early? You have to concur. You'd have many more choices. Why would you want to pay off your mortgage faster? Let's look at an example of a typical 30 year mortgage on a loan amount of $200,000 at a 6% interest rate. Your monthly payment will be approximately $1,199. You will make 360 payments over the course of the loan and you will have paid an additional amount in interest on top of your principle, of around $231,677. Add the original principal and you paid out a sum of $431,677.00 3 Most Common Ways To Eliminate Your Mortgage Debt Fast: First, you can simply mail more money towards your loan amount every month or begin a bi-weekly pay plan and divide your monthly amount by 2 and mail it every 2 weeks. With this strategy you make one full extra pay at the end of the year and it goes towards the original loan balance. Second, you can do a mortgage refinance loan at a reduced rate. 3rd: Apply for a line of credit or HELOC and use it to offset your 30 yr mortgage. These three pay down strategies are great, but the third is head and shoulders above the others. First of all, many homeowners do not have that additional money to apply toward their minimum monthly payment. Many will do it once in a while, but to really pay that mortgage down fast, you need to have a plan to attack the principal each and every month. The other problem is that the mortgage companies are getting rich using our funds throughout the month, before they make the payment, because the loan interest is calculated only 1 time each month. And finally, it is simply not recommended to keep refinancing the loan. Each time we do it, we pay large fees and points. It is now easier, because of computers, to eliminate our mortgage fast, by utilizing the latest technology. Many families today are flocking to an interest-reducing program that combines innovative software with banking systems that have been around for decades, to pay off their mortgages in 1/2 the normal time and in many cases even 1/3rd the time. In Australia, over 1/3rd of the mortgages are structured this way. A few years back, billionaire entrepreneur, visionary and founder of Virgin Records, Sir Richard Branson, brought it to England. Now it is available in the great USA. The wrong way is to get paid, deposit your income, pay your bills at the beginning of the month and save what is left over. The reason, is because when we do this we overpay way too much in interest on the principal amounts of the various loans we have. The traditional way is no longer effective. Now we can use a Bank Line Of Credit or Heloc and have a powerful software program direct us on how to pay off that mortgage extremely fast, using no additional money or changing our lifestyle. You really must see this to believe it. Want to lose your mortgage super fast? You haven't seen anything like this. As a mortgage holder, you can pay off your regular 30 year mortgage in 15 or even 10 years and save hundreds of thousands. However you attack this, implement a plan to pay off your mortgage fast or at least faster than 30 years. It is just sound financial advice. My best-selling book 3 Secrets Of Millionaires, has a full chapter that discusses this one, extremely powerful, strategy, with examples, and indepth instructions. You can also get a print out regarding your mortgage and how fast you can pay it off. Wait until you see how many $1,000s of dollars you get to keep. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. Learn more about how to eliminate your mortgage faster and become debt free. Stop by and pick up Mike's best-selling book 3 Secrets Of Millionaires and implement 3 simple methods that can help you retire filthy rich. |