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?
Your options would surely open up without being tied down to that monthly mortgage. Wouldn’t you agree?
Why eliminate your mortgage? Here is one example of a 30 yr mortgage. The borrower borrowed two hundred thousand dollars at six percent. The total monthly payment is 1,199.00 dollars per month. They will have to make that payment 360 times. At the end of the mortgage the interest payments made to the bank will total $231,677.00.
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:
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.
1st: homeowners have shown that they do not have the extra money or even the discipline to practice this method consistently enough for it to work and do much damage.
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.
An increasing number of homeowners are utilizing a unique program that marries powerful old banking methods and new computer technology to speed up the time required to pay off their mortgage. Many are debt free in half the time it would have normally taken.
This method has been popular in Australia for some time. Billionaire Richard Branson introduced it to the British a few years back. Now, homeowners in America can take advantage of it.
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 new way: Using a Home Equity Line Of Credit (heloc) along with innovative software (your financial dashboard), homeowners are able to cancel out interest on their mortgage, with money they normally deposit in their checking and/or savings account. It has to be seen to be believed. All the homeowner has to lose is their mortgage.
Would you like to save tens of thousands of dollars in interest and eliminate years of wasted interest payments?
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.
Want to pay off your mortgage in half the time Get your free print out. To read Mike’s best-selling wealth creation book, visit 3 secrets of millionaires for 3 powerful, yet simple ways to retire filthy rich. This article, Who Wants To Pay Off Your Mortgage Fast! has free reprint rights.
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