What better investment in your family than home ownership.
The only challenge with owning a home is the huge monthly mortgage bill. On average we spend 35% to 40 % of our paycheck towards the monthly mortgage bill.
There is nothing wrong with that except
Most of your payments go towards paying off mortgage interest rather than paying off principal.
If you decide to refinance or move to another home your 30 year mortgage automatically now becomes a 40 year mortgage. For most of us it could take up to four decades to pay off the mortgage.
And lets assume you are approaching retirement.
Just imagine your mortgage outlasting you in retirement. When you pass on the home on to your kids they think they have a home but may be saddled with mortgage debt as well.
Their inheritance sadly could be outstanding mortgage debt rather than the legacy of your home.
So what if you have worked hard, saved and been extremely responsible with your finances?
And now the question is could you pay off your mortgage before you retire so that you get to spend time with the family and enjoying retirement rather than using your retirement savings to pay off mortgage debt?
Well I am excited to show you a new approach to this below.
We will make an assumption that your largest monthly bill is
Monthly repayments to your mortgage.
No longer do you have to pay all the interest that will be accrued on a long term mortgage.
By applying and using a Mortgage Free For Life Accelerator system , you will be able to slash your mortgage 10-12 years faster, reducing your interest burden without changing your lifestyle.
By applying the methods of the mortgage accelerator, this is the easiest way pay off your mortgage.
By definition, the Mortgage Free For Life Accelerator sometimes referred to as the Mortgage Free For Life Accelerator system is a term given to the practice of paying off a mortgage loan faster than required by terms of the mortgage agreement.
The fastest way to pay off your mortgage early and reverse the payment of interest is to apply extra payments each month to your mortgage.
But most homeowners dont have extra money to pay towards their mortgage in the earlier years. So by using the Mortgage Free For Life Accelerator it automatically allocates extra principal to your mortgage without you even realizing this.
It takes your monthly payment and automatically applies more of this to principal rather than interest.
By using the mortgage accelerator, a typical mortgage can be paid off at least 13 years sooner, thus saving the homeowner tens of thousands of dollars and not having to change their way of life.
This is how mortgage acceleration can be applied to your situation and change your financial life.
With this extra cash, you would be able to put your kids/grand kids through college, or purchase a second property for investment purposes or just have the extra cash to enjoy during retirement.
What Are The Options Behind The Mortgage Free For Life Accelerator and How Does This Work?
Whats Required For Mortgage Free For Life Accelerator Program
– Real Estate has to be in your own name
– Have an existing Home Equity Line of Credit or you can qualify for a Home Equity Line of Credit
– Your total expenses for the months is less than or not more than your monthly income
Will The Mortgage Acceleration System Only Work With A Fixed Rate Mortgage?
A Mortgage Free For Life Accelerator system is not only for fixed rate mortgages. If you have an adjustable rate, in many cases, you could pay off your mortgage faster with the Mortgage Free For Life Accelerator program. And when your rate adjusts, you have more equity in your home at that point.
And here is the ultimate benefit. Assume you have a 5 year Adjustable Rate Mortgage. If your rate resets after 5 years, you would then end up taking another 30 year mortgage. So you could end up taking 35 years to pay off your mortgage instead of 30 years. With a Mortgage Free For Life Accelerator program you could slash 15-20 years of the 35 year mortgage. Imagine the benefits of getting rid of that mortgage in half the time, without changing your lifestyle.
Assume you have an interest only mortgage and scheduled to make minimum payments. Do you know that an interest only mortgage takes 40 years before it is fully paid off? Heres why. The first 10 years are interest payments only. Once your interest only mortgage resets then you may take out a 30 year mortgage. It takes 40 years to pay it off. A Mortgage Free For Life Accelerator can help you slash off this interest only mortgage by 20 years without changing your lifestyle.
And heres what could happen when your mortgage is fully paid off in retirement. You could borrow from your home equity in the case of retirement emergencies and the worst case, you end taking on a reverse mortgage. The reverse mortgage will give you the option tap into additional cash if ever you run out of retirement funds.
Once you fully understand the benefits of the mortgage acceleration program, one suggestion is to get started immediately. Interest accumulates over time and the faster you are able to accelerate the pay down of the mortgage, the earlier your mortgage could be paid off.
Different Ways To Pay Off Your Mortgage
1.Bi Weekly Payoff Plan
This is the most common way to pay off your mortgage faster. This is a simple plan because, instead of making one monthly payment, you will make half of your mortgage payment every 2 weeks. As there are 52 weeks in the year, this enables you to pay 26 bi-weekly payments. This calculates out to one extra payment a year. Doing it this way, you don’t realize you have spent any extra cash.
Caution: Some banks do not accept partial or bi-weekly payments. Make your monthly payments as usual and every six months keep one partial payment in a savings account. At the end of the year you would have one full payment available in your savings which you can apply towards your mortgage balance.
2. Pay More of Your Monthly Paycheck Towards Your Mortgage
Deciding on a surplus or second income can be a way to pay off your mortgage rapidly. By deciding on using the money from overtime, bonus or a second job is a viable alternative to paying off your mortgage faster. The key to success when using this approach unlike the Mortgage Free For Life Accelerator system is discipline. When you pay extra each month you have to discipline yourself to stick on this path to ensure success. With a Mortgage Free For Life Accelerator , the system works for you even when you are not disciplined. If you don’t think you are disciplined enough but still want to pay extra towards your mortgage without using a Mortgage Free For Life Accelerator system , think about a service that can do this for you.
Types of Mortgage Acceleration Programs
The choices of Mortgage Free For Life Accelerator programs can sometimes be very confusing. The may be described in various names such as accelerator, acceleration, equity, equity genie, mma, and other similar names.
What Are The Hidden Catches In the Mortgage Free For Life Accelerator Programs:
1.Your HELOC Limit Could Get frozen
The first thing to do is to find out why this happened. Banks sometimes slash the appraised value of your home using an automated valuation computer program and may freeze your HELOC. One way to overcome this is to have your home reappraised in order to prove exactly what your home is still worth. Asking for the funds to be unfrozen is an option but you may have to ask for a lower line of credit. If the bank still disapproves, as long as you have at least 20% in equity, there are many other institutions that will approve you. As an alternative you could use your credit card in place of your HELOC to pay off your mortgage.
2. Your Loan Office May Inform You That You Have To Change Your Home Loan…To Discover More click on the links below.
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