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Mortgage Loans - Accelerate Your Mortgage Payoff by Half Or More

Author: TinaTWiller Total views: 5 Word Count: 471

Are your tired of paying hugh amounts of interest when paying off your mortgage and other debts? Does paying off your mortgage in a fraction of its scheduled time sound attractive to you? Can you think of other things you would enjoy doing with your money other than paying off a mortgage and other debts? The do-it-yourself Accelerated Mortgage Payment plan will allow you to pay off your mortgage and/or other debts in 1/2 or more of their original scheduled time.

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.

We got our HELOC from the same bank we received our mortgage from. The HELOC is used just like you use a checking account. Your monthly income checks are deposited into your HELOC to pay it down to $1. This system can be used to reduce your other debts also, such as car notes, credit cards, student loans and more. There are seven steps to implementing AMP:

1) Apply for and receive a Home Equity Line Of Credit from a bank;

2) Have your income checks deposited to your HELOC instead of a checking account;

3) Pay down your mortgage and other bills from your Home Equity Line Of Credit;

4) Pay your monthly bills including your mortgage from your HELOC;

5) The subsequent month, use your monthly income to pay the HELOC down to $1. Borrow enough again to pay down your mortgage and all other monthly debts for this month;

6) Every month pay all your bills from your HELOC;

7) Continue repeating this pattern until all your bills are paid off.

Every month you leave $1 in your HELOC account to keep it open. This will minimize the monthly interest charged on the Home Equity Line Of Credit. The interest charged on the HELOC will be much less that what is charged on the traditional mortgage.

AMP works and works well, if you have the discipline to implement it. It is a simple system. The rules are few. You use your monthly income to pay down your HELOC and you use the HELOC to pay down your mortgage and other bills. The interest you pay on yor Home Equity Line Of Credit is a lot less that what you pay on a traditional mortgage.

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About the Author

Tina T Willer, MBA has authored Articles & E-books on Personal Finance. Her financial advice has aided hundreds of people from all walks of life, become more financially fit. Claim your FREE and Valuable Personal Financial monthly newsletter on Increasing Your Credit Score, and other useful advice.

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