Mortgage Loans - Accelerate Your Mortgage Payoff by Half Or More

submitted: Aug 10th 2008 | by: TinaTWiller | Total views: 1 | Word Count: 457 | PDF View | Print Article

Would you like to pay off your mortgage in half (or more) of the time, without having to make more money than you do currently? If you have a mortgage, I think your answer to this question is a resounding "YES". There is a new, guaranteed, do-it-yourself accelerated mortgage payment system that will allow you to do just this. With this new do -it-yourself accelerated mortgage payoff system, you implement it yourself, you regulate it yourself and there are no huge upfront fees that you must pay to implement this system.

This system can accelerate any kind of primary mortgage (ie. 30-year fixed to an interest only loan), and pay it off in 1/2 to 1/3, or less of it's originally scheduled time. This means that a 30-year mortgage, for example, could be paid of in 7 or 8 years using this system. There is no need to refinance your existing mortgage, and implementing this system does not affect your existing cash flow. To implement this do-it-yourself accelerated mortgage payoff system you must have self-discipline and, a credit score high enough to take out a HELOC (Home Equity Line of Credit) on your home.

We got our HELOC from the same bank we received our mortgage from. The HELOC is used just like you use a checking account. Your monthly income checks are deposited into your HELOC to pay it down to $1. This system can be used to reduce your other debts also, such as car notes, credit cards, student loans and more. There are seven steps to implementing AMP:

1) Obtain a HELOC (Home Equity Line of Credit) from a financial institution;

2) Have your income checks deposited to your HELOC instead of a checking account;

3) Your mortgage loan and other bills are to be paid from the Home Equity Line Of Credit;

4) Your monthly bills should all be paid from your Home Equity Line Of Credit;

5) The next month take your entire income to pay down the HELOC to $1 then borrow the same amount and pay down your mortgage again;

6) Borrow from you HELOC to pay your bills for the next month;

7) Repeat until all your bills, including your mortgage, are paid off completely.

Every month you leave $1 in your HELOC account to keep it open. This will minimize the monthly interest charged on the Home Equity Line Of Credit. The interest charged on the HELOC will be much less that what is charged on the traditional mortgage.

This system works because the interest amount paid on the HELOC is calculated daily only on the amount that has been borrowed. This is a lot less than the interest being charged on the original mortgage, which is calculated on the entire principal amount outstanding.

About the Author

Tina T Willer, MBA has authored Articles & E-books on Personal Finance. Her financial advice has aided hundreds of people in the states, become more financially sound. Claim your FREE and Valuable Personal Financial monthly reports on Increasing Your Credit Score, and other useful advice.


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