Because a significant number of strategies to paying off mortgage have already been developed, paying off your mortgage early and living a debt free life has become confusing and this leads to inaction.
The strategies ” mortgage acceleration, biweekly programs” appear to be too complicated that you end up consuming much of your time deciding which strategy to follow and before you know it, youll find out that you still are not able to pay off your mortgage at all.
Mortgage acceleration is just a financial method to help you pay off your mortgage and live debt free. Irrespective of the type of mortgage acceleration method you use, the first question is do you want to pay off your mortgage faster and live free?
The choice is absolutely yours to make. Financial advisors can provide you with a lot of information that might just confuse you. This is because peoples views regarding mortgage acceleration are completely varied. It is therefore important that you are convinced that this financial strategy is better than all the rest.
If a commitment to living debt free, then the different types of mortgage acceleration programs might just not be of much use to you. So you may end up not paying off your mortgage early and you may also never find the program that you could use.
It is not your fault; subconsciously your brain will sabotage your efforts to pay off your mortgage faster.
As for now, lets assume that you are determined to live a debt free life and would not allow your retirement savings to be the source of your mortgage payment.
So, will the mortgage acceleration program really work for you?
Right now you have many alternatives instead of using mortgage acceleration method. One method is to pay off your mortgage using extra cash that you have left at the end of every month. Another method could be using the biweekly mortgage program. Both these methods require that you spend extra towards mortgage in order to have it fully paid off.
Mortgage acceleration, on the other, will allow you to hasten the settlement of your mortgage account and it wouldnt even require you to make lifestyle adjustments or get your mortgage payment refinanced. The technique would usually save you thousands of dollars and lets you get rid of your mortgage debt 13 years earlier.
This being too good to be true may give you the impression that you are being led into a scam.
Most of my clients tell me decide against the mortgage acceleration program as the cost is high. Some programs are sold at $3500 and because it requires too much money from them, they immediately resort to thinking that the program wont work for them at all.
And you know what, you may be right in your assessment. You dont ever need to pay anything close to this to pay off your mortgage. Now let’s forget about the cost for a while.
You will need a home equity line of credit in order to generate interest savings every month when you choose to follow the mortgage acceleration technique. The accumulated interest savings can be used to pay for mortgage. Its almost the same as borrowing money from a credit card that has a lower interest rate to pay for the loan youve made using a credit card that has a higher interest rate. When you do this, you will be able to save up thousands of dollars.
With the mortgage acceleration system, you put your paycheck into the HELOC and pay your bills directly from the heloc you will automatically reduce your mortgage interest rate to half. As a result, you could end up paying off your mortgage 13 years faster and saving thousands.
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- Mortgage Acceleration-What Is the Voodoo behind this Financial Planning Strategy? 40
- Mortgage Reduction Using A Equity Line of Credit Secret To A Debt Free Lifestyle 44
