Using a good mortgage pay down system you use a home equity line or personal line of credit (HELOC’s work best) to reduce the principle balance of your mortgage, this in turn minimizes the amount of interest you pay. As you follow the program you periodically draw from your HELOC to pay down the principal amount. You in turn take your paycheck and deposit it back into the HELOC to pay it down. This balance raises and falls as you pay your expenses and pay down your mortgage but each time you deposit your check the balance moves closer and closer to zero. The software offered in mortgage acceleration programs tracts the amounts you pay into the HELOC as well as your expenditures and calculates your balance and projected payoff date and interest savings. As long as you enter the proper data and follow the program you will always be able to tract your finances and you will know exactly when your pay off will be.
Become Completely Debt Free
A good mortgage pay down system or mortgage acceleration program will help you do much more than pay down your mortgage. It will also guide you to pay off other debts such as credit card balances, personal loans, overdrafts etc. as well.
What’s the Catch
There is a draw back to these types of programs. That is when you have a Home Equity Line of Credit (HELOC) you will have money available to you to spend as you desire. So if you don’t stay focused and maintain vigilance you could find yourself with debt you don’t need.
However, if you maintain your focus and follow the system you could pay off your mortgage in record time and save 10’s of thousands in interest payments.