Financial Answers

by Personancial, updated September 11, 2009

Mortgage Accelerator Heloc - Can I Use It to Take Control of My Money?

When it comes to paying off your mortgage, are you completely under the mercy of the bank? Does the bank determine how much interest you pay and how long it will take for you to pay off your mortgage? No! You can take control of your finances with a Heloc loan and prevent the bank from taking a large portion of your money.

Heloc loans are regularly used as a personally-backed line of credit similar to a credit card account, accept with much less interest. You can take out a second mortgage, if your debt to loan ratio is in the right range, and place it in a line of credit that is available to you whenever you need the money. And you can pay back the amount you took out—just like a credit card—and, therefore, not pay any interest on it.

This, however, could work out being only a slow way of giving back to your bank the equity in your home and paying even more interest on it. That is not taking control of your finances.

On the other hand, if you take out a Heloc loan to use as a mortgage accelerator, this is the first step in a smart direction. It is how you can eliminate more years and more money from your mortgage than you are capable of with the traditional method of simply making extra payments.

Typically, with the extra-payment method (bi-weekly method), you can pay off your mortgage in what usually comes out to be 23 years, and it eliminates a relatively small amount of interest.

With a Heloc loan used in the form of a mortgage accelerator—if your circumstances are right—you can potentially reverse this scenario. That is, you could actually pay off your mortgage in around 10 years or less and eliminate a significant amount of interest. The difference is paying off your mortgage in 23 years verses 10 years.

It boils down to who really controls your money. You or the bank? The banks bet that you let them do it, just by you being passive. But if you take action, you can reverse this!

There is one problem, however. Do you have the time, or even the ability to control your finances to this level? For most people, their profession takes most of their time and energy. And to work the Heloc loan in a way that makes you money—instead of takes your money—it requires some serious mathematical calculations on a continual basis.

This is where the computer comes in. Your computer can do it for you, and with much less effort on your part. It is like using your credit card a little here and a little here, which really ends up being a lot in a rather short amount of time. But with a software program making calculations for you, it is using this same principle but in reverse.

The cost of a computer software program versus the amount of YOUR money that you can reclaim from the banks is like taking a short ride on a cable-car to ski down the most exhilarating ski-slope. It's worth the ride!

If you want to take control of your money, there is a free analysis. Not everyone is capable of benefiting from this method of mortgage acceleration, but if you are one, the only way to find out is by taking the analysis.

There is no charge whatsoever and no credit card, bank account numbers, social security numbers, or pressure sales involved. It is completely provided for you without charge and with no commitment on your end. Simply fill out the form below.