Would you like to be mortgage free in less than one half the time? Would you like to get rid of that ball and chain once and for all?
Your options would surely open up without being tied down to that monthly mortgage. Wouldn’t you agree?
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
There are basically 3 ways to pay off your mortgage fast:
1) Send in extra cash each month with your mortgage payment and request that it be applied to the principal or sign up for a Bi-Monthly payment plan, where you in essence make two payments in half the amount each month. What happens here, is that at the end of the year you will have made one full extra payment which will be applied to pay down your principle balance.
Second, you can do a mortgage refinance loan at a reduced rate.
Third, utilize a Home Equity Line (heloc) account. Using this second loan (you have to learn how), you can successfully reduce your original mortgage amount.
These three pay down strategies are great, but the third is head and shoulders above the others.
One challenge is that most of us simply don’t have extra money at month end to send towards our principle. And to make this strategy effective, you have to do it in a consistent fashion.
2nd: Since the 30 yr loan has it’s interest calculated only once every 30 days, the banks are getting rich holding on to our money each month until they need it to apply as per our request.
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?
Would you like to save tens of thousands of dollars in interest and eliminate years of wasted interest payments?
Explore these methods. Change the way you look at having a long term mortgage loan. You will be glad you did your homework on this one.
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.
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.