Mortgage debt! Why do we have it? Why can’t we get rid of it? Our modern day society has adapted to living in the moment which usually results in living beyond our means. With all the buzz of failing mortgage lenders and economic backlash, the real winners in this economy are the ones who have taken hold of a disciplined approach.
Mortgage acceleration, not to be confused with bi-weekly payments or a one-time additional mortgage payment toward principle each year, is no hype. The thought of paying off a brand new or existing mortgage in half the time without increasing payments seems way out of line to most. But why? Is it because our parents and grandparents didn’t do it? Truthfully, our parents and grandparents would’ve loved to accelerate their mortgage because they grew up in a time where priorities involved discipline, hard work and family values. They weren’t concerned with keeping up with the Jones’s by vacationing, having nice cars and looking good no matter what the cost.
Truth is, mortgage elimination and gaining wealth is a reality. Yes, it does involve a disciplined process and accurate budgeting. Without those two characteristics, you may as well plan to be in debt forever whether you own a home or not.
The basics of mortgage acceleration involve a Home Equity Line of Credit (HELOC) which acts as a checking account. The HELOC is the driving force which is used to drive down the principle balance of your main mortgage. It lessens the amount of accrued interest over time and as a result saves you thousands of dollars in the process. Once again, your regular monthly payments DO NOT change.
There are many companies offering some form of mortgage acceleration ranging from $1,300 - $5,000. Truthfully, that’s a small price to pay considering the amount of money you will save. Plus, the fee usually comes from your HELOC and is recouped in the form of saved interest payments within a few months. But be careful, some companies may not provide you with what you need regardless of price.
Tune in to my next article when I discuss the pros and cons of the different types of mortgage elimination companies who offer this product. I will also give my recommendations as to which one will work for you.
Jay Williams
Tri-Star Consulting Group, LLC
Managing Partner
www.tristarconsultinggroupllc.info
http://www.financialfree.com/agent/186887
(678) 325-0423
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