Mortgage Acceleration Tools

Mortgage Elimination Today

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With the credit crunch, dropping dollar values, skyrocketing costs,and gloomy outlook, Is it still a good time to be looking for ways to get out of debt? Should you consider a mortgage acceleration program? The answers may not be what you think.

Becoming debt free in America today is a popular theme. The problem, of course, is the methodology. What really works? What is the safest and fastest way to debt freedom? Removing your monthly mortgage payment forever might be a good place to start.

If you are a typical American homeowner, then you have probably bought or refinanced a home in the last 5-7 years. That means that you are putting out a large wad of your cash each month to pay the interest on your mortgage. If you hadn’t noticed, most of your mortgage payment is going out to the lender in the form of interest. That’s their profit for issuing you a loan. Hey, everybody’s got to make a buck, right?

Banks are banks and you can love then or hate them. But face it; if it weren’t for the bank, then you would probably not be making payments on your own home. You would be paying rent. So count your blessings for that interest payment and be thankful to your lender. But understand this…just because you are stuck with a mortgage, does NOT mean that you have to pay every bit of that interest. And make no mistake, that interest is stealing your retirement. Now you can get it back.

I’m not saying that your lender will give you an interest refund. No they won’t. Once you pay it to them, it is theirs. Done deal. The big idea is to eliminate as much interest as possible from the equation. If you don’t pay it, they don’t keep it. But how? The answer lies in your principle. When you pay off your principle balance faster, the lender has less principle balance to charge you interest on. Make sense? They can only charge you interest on the current amount that you have borrowed. When that amount goes down, so does the amount of interest you will pay.

The sticky part is, naturally, how to pay off more principle faster. Well, there are several ways to do that. And friends, you will do yourself a big favor when you start to do them. Be of good cheer, because there are plenty of time-tested and true methods for principle reduction, and a crop of companies and products out there that want to show you the way.

You have probably heard them on the radio, seen them on TV, or read them in the paper. Stop being passive and check them out. Some are just debt consolidation plans or debt roll down plans. Those are nothing more than short term band aids. Some are fancy new loan packages with an accelerator built in. These can be great for you, and can cut down your mortgage term significantly, but the closing costs and administrative fees might be a problem.

If you’ve done any research into paying off your mortgage, you will inevitably come across the big boys in mortgage elimination. We’re talking United First Financial, Sydney Financial Group, Macquarie, and CMG to name a few. Don’t be intimidated by the sheer volume of advertisers and agents. And don’t allow yourself to be distracted by the naysayers and scam alarmists. These are solid companies with proven track records. They really work, so take the time to check them out. It will be time well spent, when you see how you can pay off your house in a fraction of the time and save a fortune in interest. These folks will help you get your retirement back!

I suggest going online to the Better Business Bureau and looking for unresolved issues. Then get in contact with a representative to find out how they can benefit your family. Nothing makes it as real as seeing your own numbers. I also like to send people to G Edward Griffin’s website. He is a brilliant financial analyst and watchdog. Go see what he says about all this. Also, ask the representatives from these companies to demonstrate how their products work. Find out about guarantees, customer service, corporate experience, stability, and track records. Inquire about their customer satisfaction and product retention rates.

Once you have done a little leg work, you are going to want to find out if you even qualify for a mortgage acceleration product. The agents that you work with should be able to tell you after a quick analysis of your situation. The more advanced methods will include the use of a Line Of Credit. Don’t be scared. You are going to need one, and it can become a wonderful tool and financial friend.

The problem these days may be getting you into a line of credit. The Home Equity Line of Credit, or HELOC for short, is getting increasingly rare these days due to dropping home values and the credit crunch. You may need to look at a Personal Line of Credit or a Business Line of Credit. Your agent should be able to help you. And one of these companies may be able to show you how almost anybody can use credit card as the line of credit. Making the mortgage accelerator available to nearly anyone!

My bottom line advice is timeless. Get out of debt and build some wealth to leave for your grandkids and your children. You won’t really be able to do that until you pay off your house. This is do-able people. Get out there and find the right product for you, and get yourself in position to be debt free.You may discover the best investment opportunity of your life.

Our Recommended Mortgage Elimination System

By: Marc Rosenbaum

Marc Rosenbaum wants YOU out of debt. Find out the best ways to get debt-free and how to help others do the same. www.reallyownahome.com call 970 562 4777

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How to calculate savings to your family budget with an accelerated mortgage payment plan

Accelerated, mortgage payment strategies use "money-magic" to deliver a 300% percent return on your money. Learn how to put Bankers Secrets to work for you not against you. Your family will become free of mortgages and debts much faster. The family budget benefits, in amounts, way out of proportion to any extra mortgage payments.

An accelerated mortgage repayment plan is a big mystery to the average American or Canadian family. As a result, predators take advantage because the dollar amounts at stake are huge. Predatory Lending has become a hot topic lately. Recent, Media Reports record the devastation of the family budget, the destruction of family peace, couples fighting over money and damaged relations. Separation and divorce are rising. Forget money. The biggest impact hits the children who must learn to survive emotionally in broken homes and compound families. You might think such predatory lending does not apply to your family. Read on and you will discover that the predators often are those you least suspect.

This article explains the benefits of accelerated mortgage payments to a Family’s monthly budget plan. Can you afford an extra $1,000.00 mortgage payment each year at income tax refund time?…. What is the benefit if you pay the mortgage with the extra cash? Or should you spend the extra cash having fun on a family vacation that did not shrink the monthly household budget? The answer lies in the fact that the accelerated mortgage repayment of $1,000.00 delivers rewards way in excess of what you might think.

Every one knows that a regular $1,000.00 mortgage payment is divided up into interest charges and principal reduction amounts. With each regular mortgage payment from the household budget, an extra payment of $ 1,000.00, for example, is usually divided like this:

Interest Charges paid to the Bank: $800.00
Principal Payments to pay down the mortgage: $200.00

This is just an example of the split in benefits. But it is a fair example of payments made within the first few years at the beginning of your mortgage payments. The ratio for dividing these mortgage payment dollars is therefore 4:1. For every $1.00 you reduce your mortgage debt, you pay $4.00 to the Bank or Lender for their service in allowing you to use their money.

Many a self appointed finance expert often misunderstands the real impact of an accelerated mortgage pay off plan. They will refer to the gain as simply a return on the extra $1,000.00 payment, equal to the Interest rate on the mortgage itself. If the mortgage is written at 5.00%, for example, they would say that the early repayment of $1,000.00 will simply earn a rate of, maybe, 5.00% by making an extra payment on the 5% mortgage compared to the returns to be had from a Bank’s Savings Account. They analyze this alternative in a simplified manner as if the $1,000.00 were invested in a Bank’s Savings Account.

That analysis is only partly true. It ignores the leverage of the much bigger mortgage debt. A Home Owner’s gain of a 5.00% rate of return by paying the mortgage fast is just the beginning of the gain. The real gain includes much more. More powerful gains, too often overlooked, relate to the same 4:1 split of most of the early mortgage payments. With a $1,000.00 early payment from the home budget to the home mortgage, every dollar goes directly to pay down the principal of that mortgage. The split is not the customary 4: 1 split which normally occurs with the regular mortgage payment. All accelerated payment dollars become principal reduction dollars. There is no split in the benefits.

Following this example of a $1,000.00 extra mortgage payment, that early payment immediately erases about 5 mortgage principal payments. You need to understand the practical math here. If each payment reduces the principal loan amount by $200.00, then $1,000.00 will take care of five of those $200.00 principal reduction amounts. By fast paying those five principal payments early, at $200 each, approximately, you would erase as well, the five interest payments associated with them. The interest associated with each principal payment is about $800.00…. See the chart above.

You will see the picture much more clearly when you have the detailed re-payment plan of your entire mortgage loan in front of you. This detailed mortgage repayment schedule is called an amortization table. It lists the amount of each payment from the first one to the last one you would need to be free of your mortgage and to have it paid off entirely. This mortgage repayment schedule divides each payment you make to show how much of your money goes to lower the mortgage principal and how much goes to pay interest as a reward to the Lender for the use of their money. You have no real need to learn advanced math calculations and fancy algebra equations in order to figure this out. You can print an amortization schedule of your mortgage from any self respecting mortgage website. Unfortunately, few families take this simple step as an important tool to improve the family’s budget.

Here is the scoop for the average Consumer of Mortgage Loans: The total savings on such a $1,000.00 early repayment must include the $800.00 of interest savings multiplied five times. The total of your interest savings therefore for five payments is just under $4,000.00. I say approximate because, the precise calculations require those advanced math equations that the average Consumer does not need to know.

These are the true numbers Folks. A $1,000.00 extra payment on your mortgage from the household budget can save you around $4000.00. What you need to know as a Consumer is that these early repayments bring results out of proportion to what you might think. Here you are, making a $1,000.00 early prepayment on your mortgage, but your savings reach at or near $4,000.00!! That is what is referred to as the magic of compound interest.

By creating and following an accelerated mortgage repayment plan in the family budget, you can have that kind of "money magic" work for you not against you. This is one of the big Bank Secrets Consumer advocates teach. Usually such money magic works for the Bank. With the help of your own Expert, you too could turn this knowledge to your benefit instead. You will find access to these techniques at this website:

http://www.mortgage-freedom.com

In fact, in many a hard-working household of these United States and in Canada, we have no specific plan to repay the mortgage. Unfortunately, we rely on the friendly Banker to create our mortgage repayment plan for us. Why? … Because we trust our Bankers without question. As a result, Consumers pay what the Banker says we must pay and we pay for 25 to 30 years following the Bankers’ Plan for full repayment of his money, usually, our largest loan.

You just saw how to save $4,000.00 by making a one thousand dollar, ($1,000.00), accelerated mortgage payment. Returns on these accelerated payments are not 5.00% as some would have us believe. …. These returns are closer to a 300% return on the money. But the average, working, American and Canadian Mom and Pop - and Professionals too - who pay their mortgage from hard-earned dollars, do not understand how to apply that math to benefit the home budget.

One final thought is to imagine a regular tax refund of $1,000.00 that makes five extra principal payments on the home mortgage every year for 10 years. The simple answer to that is a $40,000.00 savings. But when the "money magic" of compounding enters the picture, you will find that such a plan creates acceleration in the final pay off date for complete repayment of the mortgage.

A disciplined, mortgage repayment plan can reduce the number of years that Home Owners and Borrowers must pay to end the debt. Most families with a Mortgage have no fast mortgage repayment plan at all. The few who seek professional advice and follow an accelerated mortgage repayment with discipline are rewarded with many years of freedom from a mortgage payment. They enjoy huge savings from the family budget. On the flip side, the sad truth is that the overwhelming majority of Canadian and American households condemn themselves to an extra five years, ten years, sometimes fifteen years of payments they need not make. These are years they go in month after month, week after week with huge amounts of dollars they hand over to their Banker to make payments that really are un-necessary

If you did not create an accelerated mortgage repayment plan independent of your Lender then chances are you are the victim of a Predator. Predatory lending does not only refer to high interest charges. That meaning also includes making un-necessary mortgage payments from your monthly household budget for years.

If you have a mortgage which eats up anywhere from 30% to 50% of the household income, you cannot afford to leave your family’s fortunes in the hands of those who stand to gain most from your lack of knowledge. Don’t walk, but run to get the knowledge you need in order to win in this complex field. You must get your mortgage payment planning right.

By Alfred Fraser
Copyright 2007 : AAA Consumer Credit Solutions: 1,866-686 (PAID) 7243

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How to Lower Your Interest Rate with a Biweekly Mortgage Payment

Even slightly higher interest rates cost you tens of thousand of dollars more over the life of your mortgage loan. But there’s a qucik and easy way to lower your interest rate without refinancing, changing lenders, or paying hundreds in closing costs.

If you’ve ever looked for a mortgage loan then you’re well aware that the loan interest rate can make an emormous difference in your monthly mortgage payments. But did you know what an enormous difference even a tiny difference in that rate can make regarding the total interest you’ll be paying over the life of the loan?

For instance, if you take out a 30 year loan for $100,000 at 6.5% (fixed) you’ll have paid a total of $127,544.49 in interest by the time you’ve paid off your loan. But if %your interest rate had been 6.25% the amount would be $121,658.19. That’s a savings of $5,886.30 for a rate difference of only 1/4%!

Now what if you could cut that interest rate even more? Taking the same 30 year loan for $100,000 at 6.5%, here’s how much you could save %by further cuts in the interest rate%.

Rate = 6.0% …. Point Reduction = 1/2% …Savings = $11,706.3

Rate = 5.75% … Point Reduction = 3/4% …Savings = $17,458.26

Rate = 5.5% …. Point Reduction = 1% …..Savings = $28,751.16

So by lowering the rate by a full point, you would get to keep a whopping $28,751.16! But the question is HOW can you bring about dropping the interest rate on your home loan?

Well, you could refinance your loan to get a lower rate. But doing that has its drawbacks.

to begin with, to get a lower rate you would be compelled to refinance %at a time when the current interest rates% are lower than the rate you pay now. But if current interest rates are the same or higher, then you would need to delay until rates go lower … and that could be a long wait!

Also, if you refinance you’ll have to pay hundreds of dollars in closing costs. Plus it’s likely you’ll have to change lenders and you’ll have to deal with complicated forms and a stack of documents you must put your signature on.

But what if there were a way to lower your interest rate by one full point and not increase your monthly payment … WITHOUT the disadvantages of having to refinance?

By changing to a "biweekly mortgage payment" you can cut your "effective interest rate" without the expense or hassle of refinancing.

Let me explain why.

The "effective interest rate" can be understood as the ACTUAL interest you’re paying on your loan. I’m sure you’re wondering, "How can the actual interest rate be lower than the interest rate I’m supposedly being charged?" To illustrate let’s return to our first example, the $100,000 loan at 6.5% over a 30 year term.

The loan papers you signed when you took out the loan state "6.5%" is the interest rate you would pay. And if you pay once a month like most people, you’ll pay a 6.5% rate. Now if you switch to a biweekly mortgage payment you will be reducing your actual rate.

At 6.5% your monthly payments would be $ 632.07 (not including escrow for insurance and taxes). Now let’s take that $632.07 payment, and instead of paying it once every month, we’ll pay HALF that amount ($316.03) once every two weeks. The result? Hang on, because this will floor you!

Your mortgage will be paid off in just over 24 years (not 30) and the total interest you’ll have paid will be $99,549.65 … that’s $27,994.84 LESS than you would otherwise have paid. And because you paid less interest it makes your ACTUAL interest rate just 5.22% … more than a full percentage point less. Let’s state it differently. The total of your interest paid is the same as if you had taken out a $100,000 loan for 30 years at only 5.22% interest, and made regular payments every month.

Now what if your loan had been for more (or less) than $100,000? The "Effective Interest Rate" of 5.22% would not have changed. But the larger your own had been, the less interest you would have had to pay by going to a biweekly mortgage payment.

What if your loan had been for $200,000? You’d have saved $55,989.68. How about $500,000? You would have pocketed a whopping $139,974.20.

Now what if you’ve already been paying on your current loan for a number of years?

Taking our previous example ($100,000, 30 years, 6.5%) let’s say you been making payments for 10 years, then you switch to a biweekly mortgage payment. You could still bank an extra $10,342.04. So while let’s not as much as $27,994.84 it would still make it more than worth your while to switch to a biweekly mortgage payment.

There are additional advantages to change to a biweekly mortgage payment plan.

* All payments fall on the same day of the week. So if you get paid on a Thursday, you can make every biweekly mortgage payment fall on "payday."

* You can structure it so that your payments are automatic, so you’ll never have to make a manual payment nor remember when to pay.

* You’ll pay your loan quicker and be debt free sooner.

* You’ll be making your mortgage into an investment program

* You’ll be building equity in your home up to 3 times faster!

So when you make your next mortgage payment, stop and think over how much money you could be keeping by switching to a biweekly mortgage payment … money you could save and spend on YOUR family, and not someone else’s!

About the Author:
Jim Eastman is support contact for www.Build-Home-Equity.com. How much can a biweekly mortgage payment plan save YOU? Find out NOW at http://www.build-home-equity.com.

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The banks don’t want you to know a technique you can use to help pay off your mortgage early and in the process save thousands, if not hundreds of thousands of dollars.

Basically, the bank charges you interest on your mortgage every day and naturally, the sooner you pay on that pricipal it’s going to reduce the amount of interest the bank makes off of you.  So, in addition to making your regular monthly payment, you will make a larger payment at intervals during the year to reduce your principal.

Will this work for everyone?  No.  The software will, but you need an open ended loan account and the most common is a HELOC (Home Equity Line of Credit) or by using your own cash should you have between $8,000 to $10,000 available.  In this day of savings accounts paying under 3% it may "make" you more money by utilizing this mortgage reduction technique. And you need to have an income where your income exceeds your monthly expenses, but it doesn’t have to be by much.

That’s where mortgage accelerating software can be extremely helpful in determining the interval and the amount you should pay towards your mortgage.  Most people that are familiar with this type of software typically think it is very expensive to purchase.  However, that’s not the case as there are affordable programs that will work very well.

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 Mortgage Accelerators (Fact Or Fiction)

Mortgage Accelators have been around for years, and most people have heard of them in one form or another. Years ago, the most people’s idea of a mortgage accelerator was simply the idea of making an extra payment on your mortgage or adding extra money every month to pay down the principal. Those simple ideas have turned into many different techniques used to payoff mortgages faster.

Extra Payments - This is the easiest type of mortgage acceleration to implement, because it basically involves either making an extra payment whenever you can (using that Annual Bonus for example) or sending in an extra amount with your monthly payment that goes directly towards principal.

There are also many Advanced Techniques that involve using more complicated plans to payoff your mortgage faster. Although these techniques are more complicated, and usually require an investment into the program, they are also much better vehicles for paying off your mortgage quickly and saving tens of thousands of even hundreds of thousands of dollars in mortgage interest.

Although these types of plans are new to the United States, they have been used overseas for years and by a lot of people. In Australia for example, over 30% of people use a mortgage accelerator, and in the UK almost 25% use them.

The basic idea of these advanced products are to pay a big portion of money towards your mortgage using either money you currently have elsewhere, or using a line of credit, such as a home equity line of credit or HELOC. Some of these include Mortgage Accelerator Plus, CMG Financial, and United First Financial.

Mortgage Accelerator PLUS is a money management STRATEGY that teaches smart and efficient money management, with the goal of eliminating all debts, especially mortgage debt, in 1/3 the time. It is a ‘turn key package’ that includes a workbook, instructions, and software that teaches ALL the particulars of using the program, HOW it works and WHY it works.

MAP is based on mathematics and allows you to manage your money to minimize interest. You will be using the same techniques that banks have been using to keep more of your money! MAP also teaches you about Real Estate, Mortgages, Investments, Budgeting, and much more.

Learn more at http://www.mapsavings.com/

By: JohnRobertson

Article Directory: http://www.articledashboard.com

Jamie is a member of MAP and his website is www.mapsavings.com

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