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Do you think in the long term, or the short term? When we moved into our house last year, all we were thinking about was short term, as in, this is what our monthly payment is. We tried (and we still try) to not worry about how much money we’re spending on interest, and how many years (29 to go) it would take to pay off our mortgage. When you get that little sheet at your closing showing you the cost of your loan over 30 years…ay yi yi…you could have bought 10 houses!
I learned about something new called a Money Merge Account that will allow you to pay off your mortgage years in advance by combining your checking and savings account with a home equity line of credit so that you can make regular payments on your principal account. Sounds complicated, right? It’s really not. You’ve probably seen that little box on your mortgage payment coupon that allows you to send in extra money towards your principal, but how many times have you actually done that? Are you disciplined enough to do it on a regular basis? Most of us would say no! By using the Money Merge program, you calculate your money income & expenses and it shows you how much you’ve got left over to pay on your mortgage.
You can get a free MMA analysis, customized for your income, expenses, and mortgage - it’ll show you exactly how quickly you could pay off your mortgage!
I’d love to be able to pay off my mortgage in half the time…wouldn’t you? When I think about all of the money we’re wasting each month in interest, it makes me a little sick!
This entry was posted on Wednesday, May 30th, 2007 at 9:55 am and is filed under Linky Dinky. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
Thing is, banks always work personal loans and mortgage loans in their favour - they drag out the term for years and penalize people for paying off early.
latte’girl, banks cannot penalize you for paying off your mortgage early UNLESS they put into your agreement a ‘prepay clause’ and the absolute most I’ve ever seen is 5 years with 3 years being the MOST common.
This is a great post here on http://www.simplekindoflife.com/
Money merge accounts ARE a real good thing; even TV news stations are praising them - http://www.consumermortgagereports.com/category/money-merge-account/ - I run this site and I am a mortgage professional.
You have to decide what side of the fence you are on. The rich do things with their money that the ‘poorer’ either don’t know about, are not willing to apply or just don’t know the principals exist (not saying your poor).
Look into it and good luck!