Are you stressed out by the idea of having to make 360 mortgage payments every month? Will the feeling of being unable to help
just not let up?
Are you so angry that you can't think straight when you think about all the years you'll have to make those huge mortgage payments and how much interest you'll have to pay?
Have you tried everything to pay off your mortgage early, like bi-weekly mortgage plans, answering every internet refinance ad, sending the bank an extra $20 with each monthly payment, etc., with little or no success?
And if you are like most Americans, you only live in your home for 5–7 years before you move. Then you start all over with the thirty-year mortgage process.
How can you ever get ahead financially and pay off your mortgage if you always have to start over?
Well, what if your mortgage lender called you up today and said something like...
"If you are eligible for our new mortgage acceleration programme, we would like to shorten the length of your loan by 18–22 years. We won't change anything about the payments you're already making "...
What would you say to that kind of offer?
Is there a single American homeowner who would say "NO" to that programme?
You're right.
There is a simple way to pay off your mortgage in 12 years or less. Without getting a new mortgage and without making larger or more frequent payments to your current lender.
This is true no matter what kind of mortgage you have: a fixed-rate mortgage, an adjustable-rate mortgage, a 30-year mortgage, or even a 40-year mortgage. It also doesn't matter if your mortgage balance is only $100,000 or more than $1 million. It makes no difference.
And if you have credit card debt that makes you feel like you are drowning because of high interest rates and large monthly minimum payments, you can solve that problem as well.
In fact, I think you should get rid of that debt before you start paying off your mortgage debt, since personal credit card debt is not tax deductible.
People often ask me things like, "Are you sure I don't need a NEW mortgage?" Do I have higher monthly costs that mean I need to change the way I live? Is there anything I can't get out of?
All of these questions have the same answer: NO!
So why hasn't my bank told me how I can pay off my mortgage in less than half the time it takes your neighbours?
Let me ask you? What's the point? Why would they want to stop getting interest income from your payments for 30 years and instead settle for payments for 7–14 years? The lender has nothing to gain by telling you how to get out of debt.
Did you know that if you have a 30-year mortgage at a rate of 7%, about 80% of your payments for the first 5 years are interest?
Did you know that even half of your monthly mortgage payment doesn't go toward paying down your loan balance (principal) until the 20th year?
Let me show you what a typical client looks like:
Mr. and Mrs. Smith take home $3,000 every two weeks from their jobs (after taxes and benefits). If you don't count the mortgage, their normal monthly bills are $3,000 each month.
They live in a house worth $250,000 that has a mortgage balance of $200,000. The loan has 25 years left on it. Their loan has an interest rate of 6.25 percent and a payment of $1,539 per month (excluding taxes and insurance).
How long would it take the Smiths to finish paying off their mortgage if they used this financial plan?
Just under 10 years!!
Without this strategy, how much interest would the Smiths save over the 30 years of their original mortgage plan?
$261,700
So they saved more than $250,000 in interest and years of having to write and mail those big monthly mortgage checks. After they pay off their mortgage, they can keep that $1,539 payment every month and use it for their kids' college, to save for retirement, to travel, or anything else they want!
All without getting a new loan or sending the lender bigger or more frequent payments. They were never tied down to anything and always had full freedom.
And you could save a lot more on interest, especially if you have a big mortgage or a high interest rate.
An old saying says that people who understand interest make money from it, while people who don't pay it.
Visit the website in the author's bio to find out how you can pay off your mortgage faster than you ever thought possible.
