Three Methods To Eliminate Your Mortgage

What would you do differently, with no more mortgage to pay each and every month? How would your life change? How would you apply that additional money each month?

Your options would surely open up without being tied down to that monthly mortgage. Wouldn’t you agree?

Should you make the effort to get rid of that mortgage? Check it out: If you borrowed 200,000 dollars to buy a house and got an interest rate of around 6 percent, your principal and interest payment will total approximately $1,199.00 each month over a term of 360 months or 30 years. When you are finished, you will have paid additional interest to the mortgage company of approximately $231.677

$431,677 is the total, if you add in your original $200,000 borrowed.

3 Most Common Ways To Eliminate Your Mortgage Debt Fast:

1st: Pay more against your principle every month or apply for a biweekly plan. With the biweekly plan, you are sending 2, one half payments per month, so that at the end of 12 months, you will have made an extra mortgage payment and it will go against your principle.

2nd: Refi

3rd: Apply for a line of credit or HELOC and use it to offset your 30 yr mortgage.

There are upsides to all of these methods, but the first ones are not as effective, in my opinion.

1st: homeowners have shown that they do not have the extra money or even the discipline to practice this method consistently enough for it to work and do much damage.

The other problem is that the mortgage companies are getting rich using our funds throughout the month, before they make the payment, because the loan interest is calculated only 1 time each month.

3rd: Refinancing over and over makes us incur large fees and actually can extend our pay-off time.

Super-computers have made paying off our mortgage fast a reality that could have never existed before them.

There are now interest reduction programs that use innovative software and advanced bank systems. These are not new, but they are now becoming popular, because home-owners can successfully pay off their 30 yr mortgage in 15 or even 10 years.

Ove one-third of the home loans in Australia utilize a similar method. The English also use it effectively. It is finally available in the good US of A.

The wrong way is to get paid, deposit your income, pay your bills at the beginning of the month and save what is left over. The reason, is because when we do this we overpay way too much in interest on the principal amounts of the various loans we have.

There is a better way. There is a software program that becomes your financial dashboard. It uses the money that is waiting to pay your bills (no additional funds are needed or spending changes) to pay down your mortgage. All you have to do is enter some info and it tells you when to pay. You can’t even belive how powerful it can be to eliminate that mortgage.

I have never seen a program like it. Homeowners can literally slice decades off of their loan terms and save tens and hundreds of thousands in interest payments.

However you attack this, implement a plan to pay off your mortgage fast or at least faster than 30 years. It is just sound financial advice.

My best-selling book 3 Secrets Of Millionaires, has a full chapter that discusses this one, extremely powerful, strategy, with examples, and indepth instructions. You can also get a print out regarding your mortgage and how fast you can pay it off. Wait until you see how many $1,000s of dollars you get to keep.

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