|Mortgage Refinance Information|
Little Known Secret: Eliminate your Mortgage in 23 years or less!
Wanna know a little secret? There is an ingenious method you can use, to pay off your 30 year fixed rate loan, in 23 years or less. It's straightforward, simple, and easy to understand. In this article, we're going to explore this little known secret, and we'll provide several examples of how it works, a few methods on how to implement, along with some information on where to go and how to get started.
1. Accelerated Payments:
By accelerating the payment structure on your loan, the life of the loan is reduced:
2. An Illustration:
Think of it this way: All you have to do is make 1 extra monthly house payment a year. Do that and you reduce the life of your fixed rate loan by about 7 years! You can be as creative as you want to accomplish this, but here are 3 known methods:
Sidenote: A "Bi-Monthly" payment is not necessarily the same thing as a Bi-Weekly payment. It may just mean that you are paying ½ your monthly payment on the 15th and ½ is paid on the 30th. The key is this: Are you paying a little more each year, such as 1 extra house payment? If you are, then early payoff is your ripe reward!
4. Here's an Example:
Bob has a $300,000 loan at 7% interest, and his monthly mortgage payment is currently $1995.91. Each year, Bob pays $23,950.92.
5. The Next Step:
We've enjoyed providing this information to you, and we wish you the best of luck in your pursuits. Remember to always seek out good advice from those you trust, and never turn your back on your own common sense.
Copyright 2004, by LoanResources.Net
This article may be freely distributed so long as the copyright, author's information, disclaimer, and an active link (where possible) are included.
About The Author
Tom Levine provides a solid, common sense approach to solving problems and answering questions relating to consumer loan products. His website seeks to provide free online resources for the consumer, including rate-watch, tips and articles, financial communication, news, and links to products and services. You can check out Tom's website here: http://loanresources.net, or you can email Tom at firstname.lastname@example.org.
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