Most people when asked would like to find a way to pay their mortgage early. Here are some tips that may help you pay off your mortgage earlier than planned.

When getting a new mortgage

Before deciding on a 15 year mortgage consider a 30 year term instead. If you are comfortable making the monthly payment on a 15 year mortgage, then pay that amount but on the 30 year mortgage. Ok I’ll explain. Let’s say you have a 30 year mortgage for $200,000 and the monthly payment is $1,074 at 5% interest rate. However your payment on a 15 year mortgage would be $1,582 also at 5% then $508 a month would be going to principal. Wow, that’s powerful.

To put that into perspective

The Secret Banker’s Rule is such. For every $1 you put towards your mortgage the bank gets $10 if your interest rate is at 5%. When paid before it’s due (i.e. extra principal payment) this gets turned around, reverse compounding. Now you would get the $10 and the bank would get $1. Let’s take this a little further. The $508 a month equals $5,080 in interest savings. In other words, money you don’t have to pay

Paying twice a month

Did you know that by paying twice a month or bi-weekly you actually create one whole extra payment a year.
If you think about it, there are 52 weeks in a year divide into 2 that’s 26 bi-weekly payments which amounts to 13 months. Does this make sense?
This will definitely remove about 6 years off a 30 year mortgage. Also making bi-weekly payments may be easier to cut off your budget as oppose to paying one lump sum to create that one extra payment a year.
The downside to this method is most lenders charge a fee for allowing this payment service, but the fee is nothing if you think of the bigger savings in the long run.
Another way to do it is simply put half of the payment into a savings account every 2 weeks and then make your monthly payment. This will create a whole extra payment at the end of the year.

Add extra payment

Instead of the usual fixed amount paid for monthly try adding an extra principal payment. A certain percentage of the monthly payment when paid extra will work almost the same as doing a bi-weekly payment without paying for the extra fees added by lenders.

Pay in advance

As you can see by the sample above that it’s a huge interest savings when paid in advance.
Knowing that you may want to put whatever little extra money you get as a commission or bonuses towards your mortgage. Now if you would like to find out how you can have the extra money going towards your mortgage without coming out of your pocket you may want to attend our free seminar called Equity Acceleration Program offered by JCC Alliance network.

Attend one of our free webinars

If you or someone you know can answer yes to anyone of these questions, then you qualify:

FOR: JCC Alliance Debt Resolution Program

* Do you have at least $7,500 in unsecured debt?
* Are employed or have a viable source of income?
* Are in financial hardship, or suffering great stress?
* Are you making the minimum payments because it’s all you can afford?
* Are you receiving calls or letters from your creditors?
* Are your credit cards near their limit?
* Are you considering filing Bankruptcy?

JCC Alliance has a new program for people with credit card debt (unsecured debt) and having a hard time making the payments. Through JCC Alliance the attorneys will be able to bring the loan balance down about 50% or more as well as lower the monthly payment about 40-50%.

Enrollment into this program is free, other than a $70 application fee. Should you desire to enroll into the Equity Acceleration Program where EASY Points are earned (EASY Points are rewards points that go directly to lender for principal reduction) you can do so by simply introducing and enrolling 5 clients into the Equity Acceleration program weather these clients come in for free or not does not matter. Once you have 5 you’ll start to earn those EASY points and you’ll be paying off your debt much faster. In fact, let’s look at the difference.

Let’s look at a $10,000 debt at 29% interest rate.

Paying it on your own: It will take you 14 years and interest paid will be $9,190.

Debt Resolution alone: Amount paid will be $4,500 paid in 2 years. Interest paid $3,045.

Debt Resolution and Equity Acceleration program: Amount paid $3,768 in 1 year.
Total savings $15,422.

JCC Alliance Network works with you to eliminate your debts in the shortest amount of time with the least amount of money out of pocket by combining two powerful systems – Debt Resolution Program and the Equity Acceleration Program.

Eventually those EASY Points will take over making the payments and give you cash flow.

Find out how our other programs can help you Super Accelerate the pay-off on your mortgage.
We also have a program for people that are “Upside Down” on their property. The program is called HEAVEN program (Home Equity Acceleration Velocity Enrichment) where we have Private investors that create a new note at fair market value as well as cut the payment in half.

Register for a webinar on the “upcoming webinars and live presentation” page and learn how you can be debt free in RECORD time.