Mortgage Acceleration
Mortgage Accelerators – This Might Be Your Worst Option
There are several Mortgage Accelerator options available, but one is, in my opinion, not worth the bother.
The several options available are:
- The bi-weekly program
- The extra payments as you go program
- The systematic budget program
- The relying on financial counseling option
1. The bi-weekly program enables you to invisibly make one extra month’s mortgage payment a year by setting aside money every two weeks. By setting aside money every two weeks instead of every month, you can gain one extra month’s payment a year. You can basically make 13 payments a year instead of 12 (26 sets of weeks is equal to 13 months).
2. The extra payments as you go method is beneficial only according to how motivated you are. If you are always finding other things you would rather do with your money, you may never make any extra payments.
3. A systematic budget program is good because it is essentially a holistic method. Essential what you do is take your financial situation as a whole and manage it with a global view. I cannot get into all the benefits to this method in this article, but if you want to learn more, you can refer to point number 4 in my article titled, “Mortgage Accelerators – What’s Wrong With Them.”
4. Financial counseling, don’t get me wrong, has some great benefits. As a matter of fact, I would not be able to give the advice I do if it were not for the counseling and education I received in managing money. But when it comes to mortgage acceleration programs, I think this one provides the least benefits for the cost. Granted it may depend on the person giving the counsel. Some experts will give you counsel free of charge—take advantage of it.
But the reason I see this options as the least beneficial is because of this: You may get some very good information in the first session, but it also comes along with the necessity to continue paying for more. Paying for more may not be necessarily bad, but the problem is when you just do not see the bottom. With some financial counseling, you can end up spending more money than you have to for the gain you get.
If you do go with this option, make sure and ask what the final cost would be by the time your mortgage is paid off. They may not want to tell you.
About the Author
Do you want to learn the best way to escape paying interest? You can get my free ebook, How to Significantly Lower the Interest on All Your Loans, Including Your Mortgage–and That Without Refinancing.
Click here to get the free ebook: Lower Interest On Loans eBook.
Alfred Spengly currently works through a company that is registered with the Better Business Bureau since December, 2006 and has zero complaints. It is a company that strives for their customer’s satisfaction in providing a method for managing their own money with the tools they need to establish their own financial security.
Personally, Alfred has worked in the financial field for almost 15 years.
Money Merge Account Mortgage Accelerator Clip ch
