I get this question all the time. If I have a good mortgage and pay bills on time, why should I even care about taking any further action with my mortgage?
Good question.
The way the bank charges you interest is sophisticated. You may not even realize you are paying more than you have to and this is not your fault.
Banks set up their system so that you end up spending more on your monthly mortgage repayment towards interest rather than principal in the early years. For example, if you have a $1,200 monthly repayment, it common to spend $1,100 in interest and $100 in principal.
You can go directly to bankrate.com and use their mortgage calculator to see how much you are paying in principal and interest each month.
However, did you know you can and have the right to change the situation in your favor each month?
You could end up spending $900 in interest and $300 to principal should you choose to with a little more applied towards your principal payment every other month.
Even an eagle-eye read-through of your bills and your mortgage statement each month will not catch this method.
There is a simple method that will allow you to allocate more of your mortgage principal to you mortgage balance rather than interest. The key is to use the mortgage acceleration method.
You set up a Home Equity Line Of Credit (HELOC) account and draw down just the right amount from your HELOC to pay off your mortgage. Once the mortgage balance is paid down to a certain limit the bank reallocates more of your monthly payment to principal rather than interest.
This may sound confusing but you can search Google on this and learn more about the mortgage acceleration programs
Staying on top of your mortgage finances can sometimes feel like a full-time job.
And most of us already have a lot to deal with. In times like this, it is easy to get tempted by promises to find quick fix solutions that will help you take control of your situation.
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