When the real estate market falls and the banks are in trouble, you would think that information would be free and available to help you make the best decisions regarding your home mortgage.
With so many foreclosures affecting the value and future of so many different banks, it would seem they would be happy if you made an early mortgage payoff, right?
But the facts just don’t support this.
There is something called prepayment penalties for those who are fortunate enough to make an early mortgage payoff.
But, let’s face it. What are the odds you are going to have that problem? You are probably facing the same challenges most homeowners are at this point, and making a huge lump mortgage payoff is not in the near future.
Do you know it takes on average 42 years to pay off your typical 30 year loan? 42 years. You thought you could see the light ahead when you hit fifteen, and now I tell you that you aren’t even close.
Depressing, I know.
The reason for this is that most people move after they have been in their first home after five to seven years. That’s why they call them starter homes after all.
Then they take a hit in value, buy up in the market, and end up starting the thirty year cycle over again. Each subsequent move only adds time to your mortgage payoff.
What can you do NOW to decrease the time until you are able to finally make the ultimate mortgage payoff? The answer is mortgage acceleration.
What is Mortgage Acceleration?
Mortgage acceleration is a method that describes the practice of paying off a mortgage loan faster than the time originally negotiated by the mortgage agreement.
So, instead of waiting 42 years to pay off your 30 year mortgage, there is a way to pay it off in sometimes half of the time!
And the best part you don’t have to spend more or refinance your mortgage.
This is not a hoax or something trying to lure you in with false promises.
You can back up all of the information I am about to share with you with any financial calculator you may have access to. You can pay off your mortgage, and cut down the amount of interest you ultimately pay by using mortgage acceleration techniques.
Get out your calculators and add this up…
…make a chart showing how much you can save and the number of years you can cut off your mortgage payoff time by paying an extra $100 dollars a month. It is amazing. Or go online and search for a mortgage acceleration calculator and figure out how to slash your debt without changing your lifestyle.
You can also set up a bi-weekly mortgage payment program that deducts two payments per month for slightly more than your normal payment to save yourself huge amounts of dough!
How to Be Smart!
Get to it now! Do not be one of the millions of unfortunates who end up paying for years and years longer than they have to on their loans. Do not pay one dollar’s worth of interest more than you have to!
