Mortgage acceleration example of one of many strategies Financial Relief Alliance can utilize to pay off your mortgage and all your debt saving 100's of thousands of dollars in interest payments and doing so in a fraction of the time it would normally take.
Still learning better late than never
Here's my situation and questions
I bought my house in 2002 30 year conventional mortgage at 6.75 interest
2003 I had a change in my finances I had to take out a home equity line of credit to consolidate some of my bills. My interest rate on the home equity line of credit I believe is 6.75 also.
I just recently paid off the home equity line of credit.
I have 14 years left on my 30-year mortgage
What is your suggestion?
1. Should I take that extra cash that is freed up from the equity line of credit and put it on the mortgage?
That extra cash should free me up about 3 maybe 4 extra payments on the mortgage per year.
How quick and how many years will that knock off of that 14-year balance
Or question 2.
Should I transfer over that balance from the mortgage to the equity line of credit?
If I'm understanding correctly the different types of Interest compounded and simple
Please explain interest more I'm still a little confused.
My goal is to free up extra money for home improvements
My yearly income is really sad somewhere around 21.000 give or take
I'm needing just a guesstimate around 40,000 for home improvements
Not sure how to achieve that or should I get out and start over???
Your suggestions please
JW Rhyne Jr. hi. i see you comment on a few videos I watched on paying off mortgage faster. how are you doing? any progress. I'm busy trying to find a ploc and also discover how I can use my credit cards to accelerate mortgage payoff if I can't get a ploc/heloc
Kevin Harrison - Kevin...Albert Einstein also called it the 8th wonder if the world...it's called compound interest and the banks use it well. These programs have been around for years. Australia has about 80% of home owners using this program.
Simple interest huh? I guess that's why a 200,000 mortgage at 6%, you end up paying over 430,000 over 30 years...because it's "simple interest". Right...That's 116% in total interest by the way, not 6.
I am confused. How is a mortgage using compounding interest? From what I have read monthly mortgage interest is calculated by the interest rate divided by 12 and multiplied by the principle balance. Where is the compounding effect? It sounds like simple interest to me. Lets not lie to people.
The best way to pay off a mortgage is to simply make extra payments. Any additional cash flow you have at the end of each month, use that to add to you principle reduction. This will save you money and not put you at risk of constantly putting yourself in debt. Do the calculations for yourself.
If you cannot get a Home Equity Line of Credit you can also use a Secured CD Personal Line of Credit. You open a CD at your bank. They will use it as a secured account and give you a Personal Line of Credit, usually up to 95% of teh CD amount. Works exactly the same as a Home Equity Line.
I believe New York has Wells Fargo Banks. They carry two types of Lines of Credit. A Personal Line of Credit, which is hard to get.
But they also carry a Time Account (CD)/Savings Secured Line of Credit
Get a lower annual percentage rate by securing your line of credit with a Wells Fargo savings or Time Account (CD). This type of an account works just fine as its simple interest and can be used as an Offset Account:
Benefits of a Time Account (CD)/Savings Secured Line of Credit
Maintain and continue to earn interest on a savings or Time Account (CD) while meeting your borrowing needs
Line amounts from $5,000 to $250,000
Access a ready source of funds at a lower interest rate by providing approved collateral (such as a Wells Fargo CD) to secure your line of credit
Low annual fee of $25
He says you don't need a line of credit but his entire presentation involves a line of credit.
Maybe you don't need a line of credit to qualify for the service... O_o
You'll need to get one at some point. That's how this works.
I believe it does work but it is certainly something you can do on your own if you are disciplined.
He is saying you don't need a home equity line of credit (HELOC). You can use a personal line of credit (PLOC). Meaning you don't need equity in your home to execute the strategy. You can simply apply for a personal line of credit at any financial institution.
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