Mortgage Checking Account Secrets to Paying Off Your Mortgage Faster
Mortgage Checking Account Secrets to Paying Off Your Mortgage Faster
You have the home of your dreams. You saved, sacrificed, got the down payment and are now living the American dream.
But there is one issue with this. Getting the home is the first step. What about getting rid of those mortgage payments and better still saving thousands of your own money which you get to keep for yourself rather than paying the bank.
A mortgage checking account helps you achieve this goal without spending more of your own money or sacrificing your lifestyle.
You already know what it actually costs to have a mortgage. If you have a 30 year, $200000 mortgage it is likely that you would end up spending over $430,000 in repayments. This was not the American dream you was expecting.
These numbers are really shocking news for most of us. You are trading years of your paycheck each and every single month for a home.
And in these financial times it makes sense to save as much money as possible. And that is the strength of the mortgage checking account.
Before we go into the details, my friend was trying to explain to me his strategy for paying off his mortgage early and why he kept failing with this.
When he first started off he took a 30 year fixed mortgage.
About 5 years into it, he decided it was time to pay off his mortgage much more rapidly.So not being disciplined with his finances, he changed his 30 year mortgage to a 15 year mortgage.This sounded like a great idea. But there was one problem; he could not keep up with the extra monthly payments of a 15 year mortgage. It got to a point where he hated paying his mortgage every month. He ended up making sacrifices and he just stopped living. He was working just to pay off his mortgage. Now don't get me wrong, this is a great strategy if you have the extra cash flow at the end of each month and you can afford the 15 year mortgage payments.But what if you cannot afford the extra payments? That's where the mortgage checking account comes into effect. A mortgage checking account gives you the ability to use the power of a Home Equity Line of Credit with your mortgage to accelerate the pay down of your mortgage rapidly. And the best part, you don't have to spend more to achieve this goal.
Here is how it works. You deposit your monthly paycheck directly into the HELOC and make all your bill payments from this account. As a result of this it automatically creates interest savings which is then used to pay off your mortgage faster. And without changing your lifestyle or your mortgage payment, you can slash at least 13 years off your mortgage and save over $63,000. Not bad especially if you don't have the extra cash each month. Now because this is a mortgage checking account you have same access to this as you would a normal checking account. You make your bill payments, have access to checks and you can make direct and automated bill pays directly from this account.
To find how fast you can eliminate your debt and retire early, please go direc
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