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The financial crisis we have today started in 2007 when some
homeowners could not make monthly mortgage contributions.
Some are even unable to pay off their mortgage on time. But
the brokers still allowed unqualified people to borrow money
and Wall Street consented on selling loans even if they knew
that payments would be difficult to collect.
We may not have felt it yet but home prices have actually
gone down by about 40% and our retirement savings has lost
half of its value.
This economic meltdown has brought us to a new financial
reality. And the reality is it is no longer safe to have
debt or to hold on to excess debt.
You mortgage is probably your biggest debt. The best way to
invest during these tough times is to pay off your debt and achieve a faster mortgage pay off . Plus
you can only live a debt-free life if you decide to pay off
your mortgage.
Mortgage pay off is really a risk-free investment in you.
Your financial advisor or your banker may want you to invest
what's left over each month in the stock market. But let's
face reality for a second, you only have to open up your
retirement savings and look at how your nest egg has
plummeted in the last year.
There is no better time than right now to secure your
financial future by paying off your mortgage. Just imagine
for a second having no mortgage and having all the extra
cash available to you. If that were to happen today how
would that make you feel? Imagine in retirement using your
retirement savings to live well as opposed to using it to
pay off your mortgage. How will that change your life?
First, you need to decide to pay off your mortgage. I know
I just stated the obvious but when I interviewed over 250
homeowners, I learned that most of them did not do so. Also,
they failed to commit to get on with the plan even though
they thought that paying off their mortgage sounded like a
good plan.
Paying off your mortgage needs full commitment primarily
because the process could take 5 to 10 years. And the
priceless reward? You get rid of your mortgage debt early.
There are various methods and techniques to paying off your
mortgage. You can either may extra payments toward your
mortgage monthly or you can make use the biweekly
accelerated mortgage system. Both methods require you to
spend extra money for mortgage payments every month.
However, there is a technique lets you pay off your
mortgage fast without requiring you to spend more or change
your lifestyle. The technique, which is called mortgage
acceleration, uses a mortgage checking account. What you
need to do is to deposit your paycheck to the account and
use it to pay for your bills directly. You can end up paying
off your mortgage debt 13 years earlier and save thousands
of dollars!
And there will absolutely be no need for you to change your
lifestyle or refinance your mortgage to get interest
savings.
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