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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.
It does not matter the kind of mortgage you are holding, fixed, adjustable, 30-year, 15-year and any others can all be accelerated with this system. You do not have to change your existing lifestyle. You can include other debts to be paid off quickly with or with your mortgage. You do need to be able to take out a Home Equity Line Of Credit (HELOC) to implement this system.
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) Your monthly bills should all be paid from your Home Equity Line Of Credit;
5) The next month take your entire income to pay down the HELOC to $1 then borrow the same amount and pay down your mortgage again;
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.
This system works because the interest amount paid on the HELOC is calculated daily 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.
About the Author:
Tina T Willer, MBA has authored Articles & E-books on Personal Finance. Her financial tips has aided thousands of people in the states, become more financially sound. Claim your FREE and Valuable Personal Financial monthly newsletter on Increasing Your Credit Score, and more.
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