Here are the basic features of this kind of mortgage acceleration: Many people love biweekly payment plans and have used them to pay their houses off years earlier than scheduled. We’ll try to make it obvious which one we like, and which one we recommend you run away from. There are basically two kinds of mortgage accelerator plans floating around. Let’s look at both the good and the bad types of mortgage accelerator programs. You can do it, but it’s up to you to make it happen. Just remember there are no silver bullets against the mortgage monster. And too often lenders prey on that desire with worthless products you should avoid at all costs. Would you believe well over a third (37%) of homeowners have their nests paid off free and clear? 1 Sounds dreamy.īut some shady businesses know how much, and how many people would love to find a way to speed up their mortgage payoff. The American dream of owning a home-and we mean really owning it, by paying off the whole mortgage-is alive and well. As great a goal as that is-and we agree it’s awesome-not all programs are created equal. “Mortgage accelerator” just means accelerating how fast you pay off your mortgage. Either way, let’s see what they are and how they work. If the concept of having no payments appeals to you, we want you to know that you can cut years off your journey toward free-and-clear home ownership! Your success may or may not involve a mortgage acceleration program. Anything that gets you debt-free faster is good, but some of these programs take you into debt deeper and longer. Mortgage acceleration programs offer homeowners ideas-some good, some terrible-about how they can hurry up and pay off their houses.
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