|
Did you know you can make an accelerated mortgage payment without a change in your lifestyle or changing your monthly mortgage payments? And I am going to reveal the step by step insider secrets to show you how to do just that.
Image for a second you had extra money available at the end of each month, what which option would you chose?
1.Earn 6% interest on the extra money you deposited into a money market account.
2.Pay off your mortgage faster by making accelerated mortgage payment
3. Chose an investment option like a low cost index or mutual fund
4. Make your employer retirement fund like a 401 k or retirement savings the only way to invest by continuing to deposit extra cash into these savings accounts.
I have surveyed over 230 homeowners and asked them this question. And you want to know the results— almost everyone had different opinions. Most people just guessed and there was one winner but only by a small amount.
Invest your money in a money market account.
And given the state of todays economy that did not surprise me in the least bit. We all want to invest our money and keep this safe. And we should always take this route especially if we plan on retiring in the next 5-10 years.
But what about making accelerated mortgage payments.
If we take a $200,000 loan over thirty years, you would end up paying over $420,000 in repayments over a thirty year period. Almost double what you borrowed.
That is the sad reality of the situation. Even by making one extra payment each year towards your mortgage you can slash 6 years and over $51,000 in interest just by making one extra payment each year.
This is a good strategy of accelerating your mortgage if you have the extra cash to make more payments towards your mortgage every year.
But what if you don’t have extra money to accelerate the payoff of your mortgage?
There are better alternatives to accelerated mortgage payments rather than paying extra.
Mortgage acceleration is the new method of making accelerated mortgage payment.
You end up using a Home Equity Line of credit as your new mortgage checking account to pay your bills and do your monthly banking. And when you do this, you can slash at least 13 years off your mortgage and save over $63,000 in interest. And you achieve this entire goal without changing your monthly mortgage payments or your lifestyle. This method has been around in the USA for just over three years and gaining immense popularity.
In this recession, we are all looking for a risk free alternative. And what better way than investing in your own home.
There is no risk in paying off your mortgage. In fact paying off your mortgage is an investment choice that every homeowner should consider especially in this economy. And compared to stocks and other investments over time the best investment is paying off your home.
But you don’t have to take my word for this. Go directly to the pay off mortgage strategies library and enter your information directly into the accelerated mortgage payment calculator and see for yourself how much you can save for your situation. And then download our free guide with all the insider tips and strategies to put you on the path to living a mortgage free lifestyle today. |