Aug
16
Has anyone heard the commercials that promise to eliminate mortgage debt in 5 years?
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6 Comments
July 21st, 2009 at 5:07 am
If it sounds too good to be true then it is!!
July 22nd, 2009 at 3:15 am
I can tell you how to do that. Just triple your montly payment and voila. Your mortgage debt is gone in 5 years.
July 24th, 2009 at 4:37 pm
BMW BFD is correct!
July 26th, 2009 at 12:14 am
I’ve heard of programs that link your checking account to your mortgage account (our local news did several stories on the concept recently). Your paycheck is automatically deposited against your mortgage and any checks you write or cash you withdraw gets added back to the mortgage. It’s legitimate, but it only works if you spend considerably less than you earn.
The fact that your whole paycheck goes against your mortgage balance means that your average mortgage balance is lower, which means you pay less interest. Also, any money you don’t spend each month reduces the amount of your mortgage balance. So rather than saving extra money, it all goes against the mortgage.
Just beware that all companies offering this are not created equal. I’m sure there are some that charge a lot to set it up; so do your research. I found a FAQ, but I can’t vouch for the company itself (see link).
July 28th, 2009 at 4:28 pm
it’s a crock. if it were true we all would be mortgage free.
July 30th, 2009 at 1:38 pm
Most ARE scams, but you CAN eliminate your mortgage in about five years IF you have the money. All you have to do is pay extra toward the principle each month. Any lender and several on-line calculators can determine how fast you will pay of the loan with a given extra payment. You can make the extra payment on your own WITHOUT using a ’service’.