When you first moved into your home it seemed like the best financial move. When you bought that first home it felt as if was a dream come true. Can you remember when you moved into your first home? How did that feel?
Later on, we realize on average, at least 35% of our monthly salary, and in some cases more goes towards paying your mortgage bill each month. But as you earn your paycheck each month, you quickly realize that sometimes approximately 40% of your monthly hard earned paycheck goes towards paying off your mortgage and it feels worse as most of that is just for the mortgage interest payments. The only challenge with owning a home is the huge monthly mortgage bill. On average we spend 35% to 40 % of our paycheck towards the monthly mortgage bill.
Government Statistics (by mortgage insider) show that over 80% of Americans live in debt. Recent Survey conducted by a personal finance magazine shows that 80% of homeowners have their mortgage as one of their largest debt. A leading financial magazine has conducted a survey on debt. It shows that almost 83% of American homeowners are in debt with the mortgage their biggest debt.
Less than 5% of Americans are able to actually retire financially independent. And when they approach retirement 35% of them still have over 20 years left in mortgage repayments. And now most retirees have to postpone their impending retirement or take on a part time job in retirement and you know why? They have to pay for the mortgage bill each month which is competing with the medical and other retirement costs.
Instead of being in your 50′s when your home is paid off, you will only be around 40. Now, you can completely eliminate your mortgage before you reach 40. Say goodbye to your mortgage payment, and have a home that has no debt by the time you hit 40.
You will now be able to use the extra cash you have each month to buy a 2nd home or an investment property. You can use the equity in your existing home to fund the down payment on an investment condo. You can now apply for a second mortgage, and buy a home which you can rent out and earn a steady stream of income each month.
You may even consider retiring from your corporate job at that point. Just imagine, with no mortgage you could think of opening your own business and on your way to an early retirement. Once your mortgage is paid off, that could represent financial independence and could be the starting point for an early retirement.
You may think you are donating the home but the sad reality is that you are donating over mortgage debt. Their inheritance sadly could be outstanding mortgage debt rather than the legacy of your home. Their much anticipated inheritance could well turn out to be debt.
But most homeowners dont have extra money to pay towards their mortgage in the earlier years. So by using the mortgage accelerator it automatically allocates extra principal to your mortgage without you even realizing this. You may not have extra payments each month as you may want to invest this or use this for personal spending. By applying the mortgage acceleration system it is a smart way of making more of your payments to principal and ends up paying your mortgage faster, all without paying more. Most of us dont have the ability to make extra payments and have little wiggle room in our budgets each month. So this is where the mortgage acceleration steps in. Without spending more you can eliminate your mortgage payment.
It takes your monthly payment and automatically applies more of this to principal rather than interest. It allocates your monthly repayment more towards principal and less towards interest costs. It reverses your monthly payment to your mortgage. Instead of your money being applied to interest, the banks automatically apply more towards your principal whilst keeping the payment the same.
There certainly is. This overview will reveal how to accomplish this. There is a smart way out. And I will reveal this to you in this article. Well I am excited to show you a new approach to this below.
This is the most important benefit of the mortgage accelerator. This is the biggest benefit of the mortgage acceleration system. This is how mortgage acceleration can be applied to your situation and change your financial life.
Your mortgage. Your monthly mortgage repayment Monthly repayments to your mortgage.
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