Mortgage Loans - Accelerate Your Mortgage Payoff by 1 2 Or More
Would you like to pay off your mortgage in half (or more) of the time, without having to make more money than you do currently? If you have a mortgage, I think your answer to this question is a resounding "YES". There is a new, guaranteed, do-it-yourself accelerated mortgage payment system that will allow you to do just this. With this new do -it-yourself accelerated mortgage payoff system, you implement it yourself, you regulate it yourself and there are no huge upfront fees that you must pay to implement this system.
This system can accelerate any kind of primary mortgage (ie. 30-year fixed to an interest only loan), and pay it off in 1/2 to 1/3, or less of it's originally scheduled time. This means that a 30-year mortgage, for example, could be paid of in 7 or 8 years using this system. There is no need to refinance your existing mortgage, and implementing this system does not affect your existing cash flow. To implement this do-it-yourself accelerated mortgage payoff system you must have self-discipline and, a credit score high enough to take out a HELOC (Home Equity Line of Credit) on your home.
Once you obtain, a HELOC you will use it just like you would a checking account. Instead of having your income sitting in a bank you will be using it to cancel out incredible amounts of interest on your mortgage. As a bonus, this system can also be used to eliminate all your debt such as credit cards, cars, medical bills, student loans, vacations, time shares etc. Simplified, there are 7 basic steps to implementing this do-it-yourself accelerated mortgage payoff system:
1) Obtain a HELOC (Home Equity Line of Credit) from a financial institution;
2) Have your income checks deposited to your HELOC instead of a checking account;
3) Take your entire income amount from your HELOC to pay down your mortgage;
4) Borrow from your HELOC to pay your bills for the month;
5) The next month take your entire income to pay down the HELOC to $0 then borrow the same amount and pay down your mortgage again;
6) Borrow from you HELOC to pay your bills for this month;
7) Continue repeating this cycle until you mortgage is paid off completely.
In short, the borrowed outstanding HELOC amount will equal $1 once it is paid down at the beginning of every month. Paying it almost off (you should leave at least $1 in your HELOC account to keep it open), every month will minimize the interest charged on the HELOC over the course of paying off your mortgage and other bills, and shorten you mortgage payment years considerably.
This system works because the interest amount paid on the HELOC is calculated daily and is only on the amount that has been borrowed. This is a lot less than the interest being charged on the original mortgage, which is calculated on the entire principal amount outstanding.
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Source: http://ezinearticles.com/
Added: June 26, 2008
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