How to pay your mortgage over 30 years in 12 years?
Does the thought of making 360 monthly mortgage payments get the best of you? Is the feeling of helplessness
just do not let up?
Are you frustrated in your mind when you think Every year, you'll be making huge mortgage payments and all $ 100,000 of interest charges that you expect?
Have you tried everything schemes bi-weekly mortgage, refinance meeting all Internet advertising, sending the bank another $ 20 each month after payment, etc. to pay off your mortgage early – with little or no results?
And if you Like most Americans, just stay in your home for an average of 5-7 years before moving into a new house. And then you begin the process of thirty year mortgage all over again!
How can you get ahead financially and pay off your mortgage if you keep the top process again and again?
Well, if your mortgage lender that you called today and said something like …
"If you are eligible for our new mortgage program acceleration, We want to cut up to 18-22 years off your mortgage. And we will not change anything with your current payments "…
What would you say such an offer?
Is there even an owner in America who honestly say "NO" to this program?
Exactly.
It is an easy way to pay off your mortgage in as little as 12 years or less. Without refinancing your existing mortgage and without sending your lender larger or more frequent payments.
This is true regardless of the type of mortgage you have – even if it is a fixed or adjustable rate mortgage, 30 or even 40 long years, if the balance of your mortgage is only $ 100,000 or more than one million. He has unimportant.
And if you have credit card debt that makes you feel like you're drowning in high interest rates which result in huge minimum monthly payment, you can solve this problem as well.
In fact, I suggest getting rid of this debt before starting to benefit from your mortgage debt personal credit card is not deductible from your income tax.
I frequently asked questions like, are you sure I did not get a new mortgage? Should I increase the monthly charges so I have to change my current lifestyle? Am I ever locked into something?
The answer to all these questions is NO!
Well Why did not my bank tells me how I can pay my mortgage in less than half the time it takes for your neighbors?
Let me you ask? Why would they? Why would they want to stop 30 years of interest income (payments) and just settle for 7-14 years of payments? It does not entitle the lender to tell you how to become debt free!
Did you know that with a mortgage of 30 years 7%, about 80% of all your mortgage payments during the first 5 years of the loan are interest.
Did you know that it was not until some time in the 20th year that even half of your monthly mortgage payment goes to repay your principle (balance of your loan)?
Allow me an example of a typical customer:
Mr. and Mrs. Smith earn $ 3,000 combined every two weeks in the net salary (after taxes and benefits). Their normal monthly bills (excluding the mortgage) run $ 3,000 each month.
They live in a house worth $ 250,000 with a current mortgage balance $ 200,000 with 25 years remaining on the loan. Their interest-free loan rate is 6.25% with a monthly payment of $ 1.539 (excluding taxes and insurance).
With this set of assumptions, how long would it take to fully pay the Smiths their mortgage with the financial strategy?
A little less than 10 years!
How much interest would the Smiths save more than 30 years of their initial plan of the mortgage without using this strategy?
$ 261,700
If they have saved more than one quarter of a million dollars in interest and saved years of writing and mailing of these checks heavy monthly mortgage! After paying their mortgage, they can keep only $ 1.539 payment each month and use it for college for their child or to prepare for retirement, travel or any what they want!
All, without re-financing and without sending larger or more frequent payments to the lender. They have never been locked in there and kept a total flexibility.
And the interest savings could be much more – especially if you have a jumbo mortgage or have a higher interest rate.
There is an old saying that those who understand interest, collect, while those who do not … pay!
To learn more about how you can pay off your mortgage faster than you never thought possible, please visit the website listed in the author bio box.
About the Author
Mark J. Orr is a Certified Financial Planner serving clients throughout the USA. To learn more about how to pay off your own mortgage in less than half the time it will take your neighbors please visit:
http://www.CutYearsOffMyMortgage.com
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