Payoff My Mortgage Early With Mortgage Acceleration

     Oh the American Dream, to own a home and be debt free. If you look for ways to pay off your mortgage early you will find a few different ways to do it. The ways that we look at here do not include winning the lottery or getting an inheritance. We will be looking at four ways to pay your mortgage off.
     Three of the solutions to pay your mortgage early are: make bi-weekly payments to your mortgage company, round your mortgage payment up each month, or make an extra payment a year to your mortgage company.
     Each of these methods, if you do them diligently over the course of time, will definitely result in an early mortgage payoff. Generally, the length of time until your mortgage is paid off with these first three methods is around 22-24 years. However, each of them requires extra money to be paid to the mortgage company. For many folks this is not an attractive way to pay off their mortgage.

     In the mid 1990’s businesses sprang up that exploited these various ways to payoff one’s mortgage early. The most prevalent product of these companies was the bi-weekly payment plan. The unfortunate thing was that many homeowners got sucked into the big time sales techniques of these companies. These companies would charge a fee to set up an account on behalf of the homeowner. Then they would collect from the homeowner money on a bi-weekly basis. This money was then passed to the mortgage company.
     A lot homeowners paid literally $1,000’s to have their payments managed when they were fully capable of making their payments themselves without paying someone to do if for them. In many cases payments were missed, credit suffered, and in some cases folks lost their homes in foreclosure. Luckily Americans got wise to these tricks and the majority of these companies have gone under.

Mortgage Acceleration
     The fourth way, or the “new” way, to pay off a mortgage early is called Mortgage Acceleration. This “new” system is based on very sound financial principles and works beautifully under certain conditions. Another great feature of this mortgage pay down solution is that it does not require the homeowner to pay any additional money than they are already required to pay on their first mortgage payment.

Money Merge Account
     To no one’s surprise – yes you guessed it- there are companies springing up to exploit this method too. Three companies in the U.S. are called United First Financial, CMG, and Macquarie. Some of the names for these programs are MMA, or Money Merge Account, Mortgage Accelerator, and Macquarie Loan. Each of these companies has a unique twist to them and do not have exactly the same programs. The do all work on the same economic and financial principles however. We’re not going to go into the ins and out of this method of paying down your mortgage. This is for another article. We are going to cover one particular aspect of one company’s program which is exceptionally worrisome.
     We are not going to mention any company names, but if you have run across what’s mentioned next you will know who that company is. One of the mortgage acceleration programs requires the purchase of a software program. The software has a price tag of $3500. Yikes.
     The reviews on the program suggest that it only works if you as the user of the program update it regularly like your checkbook. The program calculates when you should make certain payments on your debts. If you do not keep it up to date, it does not work. That’s a hefty price to pay for something that requires your constant updating. Most people in the U.S. do not take the time to balance their checkbooks. It is hard to see the value in a software program that costs $3500 that requires essentially the same amount of effort to keep up as your checkbook.
     The bottom line here is that the principles behind the mortgage acceleration programs are fine to use to pay down your mortgage. Mortgage acceleration might be a better way to pay off your mortgage than some of the earlier mentioned techniques because it does not require any more money out of your pocket If you get invited to check out a new mortgage program and the required fee is $3500 or you are encouraged to sign up as an agent to sell a new mortgage payment program – run! You can do the same thing on your own, you just need to learn how it works, why it works, and what to do.
Debt Free Partners offers an ebook.com that will tell you all you need to know about how to pay your mortgage off early using mortgage acceleration without having to spend $3,500.