Mortgage Acceleration What Is the Voodoo behind this Financial Planning Strategy 21 by Dennis Palabrica
Because a significant number of strategies to paying off mortgage have already been developed paying off your mortgage early living a debt free life has become confusing this leads to inaction.
The methods to pay off your mortgage such as mortgage acceleration biweekly programs others are becoming so complicated you could end up spending more time evaluating these methods still not have the mortgage paid off.
Mortgage acceleration is just a financial method to help you pay off your mortgage 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 live free
That choice is yours alone to make. Financial gurus can bombard you with all the information that they can give you but these can only get you all the more confused. People have are entitled to express their own views regarding mortgage acceleration. You therefore would have to convince yourself that there is not better financial strategy than this.
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 you may also never find the program that you could use.
This should not be regarded as entirely your fault. Sometimes there are just things that the brain subconsciously decides against. Paying off your mortgage might just be one those.
As of this time let us just assume that you want to live a life free of mortgage debt that you are not sold out to the idea of using your retirement savings to make mortgage payments.
So will the mortgage acceleration program really work for you
As of this time there are several methods that you can choose from. One is by making mortgage contributions by using extra amounts that you have left at the end of each work month. Another would be the biweekly payment method. These two would however require you to allocate money in minimal amounts use it to pay for your mortgage.
Mortgage acceleration on the other hand is system designed to help you accelerate your mortgage without changing the lifestyle or refinancing your mortgage payment. In fact it common to pay off your mortgage at least 13 years faster saving thousands of dollars.
You may think this sounds too good to be true this seems to be a scam.
Most of the clients that I have served tell me they decide against using the mortgage acceleration program because its too expensive. They have every reason to think that its a scam because it requires them to pay more or less $3500. Because the price initially appears to be too high people would really think itnt cost efficient at all.
And you actually may have guessed it right. The truth is you really should not be spending this much to pay of your mortgage. Lets not talk about how much it would cost for now.
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 pay your bills directly form 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 saving thousands.
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