Many people are curious about mortgage acceleration, does it work? We’re happy to report: yes! If you are in the process of considering refinancing your home mortgage, this is a strategy you need to learn more about. This review will help catch you up on the in’s and out’s of mortgage acceleration.
The picture below says it all. Let me give you the key take aways.
The blue line ( No extra payments ) is your current trajectory.
The red and green lines are 2 Mortgage Acceleration that involve making extra payments and HELOC (Home Equity Line of Credit).
On the X access your savings is between the red and green stretching out to the right to the blue line. This is how much faster you will pay off your loan and how much you interest you save. The longer the term of your loan is the more you save.
Extra Payments vs. Extra Payments with HELOC
Before agreeing to a mortgage refinance, we advise you to make a side by side comparison, to see what fits you best, and to help you get the most in savings. We can help you with a spreadsheet, so you can get a clearer picture.
Calculate Your Mortgage Payoff with HELOC
A HELOC (Home Equity Line of Credit) or PLOC (Personal Line of Credit) can be handy in helping you payoff a mortgage. Many authorities agree this strategy is an excellent mortgage acceleration plan.
Talk to our Advisors and see if this strategy makes sense for you
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