If you’re looking to pay off your mortgage early, you may have heard of mortgage acceleration plans. These plans are designed to help you pay off your mortgage faster than the set 30 years.
One program is relatively new in the U.S., but has been used by other countries for decades. It offers more advantages over traditional payoff plans. It is called the Money Merge Account system developed by United First Financial. This program takes an advanced line of credit (similar to a HELOC), your existing mortgage, and the money merge account system and details exactly when and how much you should submit to your mortgage payment each month to pay it off in the shortest time period.
This program uses an advanced algorithm (math calculation) and is tailored to your lifestyle and financial needs. This means you don’t have to refinance or change your existing lifestyle. There are several advantages with this program.
First,you don’t have to refinance your existing mortgage like other payoff plans. Next, you can obtain a small HELOC from your local bank. This HELOC can have any interest rate, and it won’t affect the payoff estimate unless you had a previous balance on a HELOC. The HELOC amount is typically lower than other plans as well.
Second, the money merge account software clearly shows you all your financial data including income, expenses, mortgage balance, and the time when everything will be paid off if the plan is followed precisely. Although you are required to manually input your expenses each month, it gives you the power to see how much money you truly spend each month and helps prevent you from overspending. Overspending causes you to see more time being added to the payoff of your mortgage, which helps you be visually aware of your money and goals. This can help you subconsciously cut back on unneeded spending, such as eating out and shopping, and be more frugal. Thus, the more disciplined you are with the system’s plan, the faster you can pay off yourr mortgage.
With this system, an early mortgage payoff can occur in about 8 to 15 years. The only thing you’ll have left to do at that time is figure out what to do with all the money that used to go to your mortgage.