I just got done going through the modules about how to accelerate your mortgage and it was an eye opener. Some excited information that not everybody knows about. Why wasn’t I told about this kind of stuff. The answer is simple…..the banks don’t want you to do that because they will lose out on a lot of money if they did.
Typically the normal home owner has a 30 year mortgage and if they paid their mortgage for 30 years, they would be paying 120% more than what they initially bought the house for. Example….the price of the house is 100K and after 30 years of paying the mortgage faithfully, you’ll will end up paying a total of $220K. Give or take a few thousand and depending on your interest rate.
I’ve learned that if the rate is 6%, double the number which is the rate of 6%(6*2=12)and add a 0. In other words, with a 6% interest rate, plan on paying 120% in finance charges. That’s where the BANKS want us or else they won’t make their money. Most people live pay check to pay check so why wouldn’t the banks help us try to save money. The banks have all the money already and in my opinion they are just being crooks.
As a real estate investor, I know a different strategy that you can pay off your mortgage in about 8 years approximately. The Australians use a much more effective way of paying their mortgages and it’s not a secret to their people but in the USA it is. The strategy is called “Sweep” and with it will reduce your debt quicker and increase your cash flow as well. Doesn’t that sound better? Heck yeah! Most people need more cash flow that’s the problem.
I am not claiming to know it all that’s for sure and please don’t try to do this strategy on your own. Talk to the professionals. Go to the site Sweep Strategies.
I know that real estate is a great investment, especially rentals, so I want to learn everything there is to know so I can take advantage. Knowledge is power and with real estate investing, I know you can create more income and build net worth faster than anything out there. I would love to talk with you about this awesome industry. I’ve searched long and hard for the right company to learn from and I’ve found it. If real estate investing is something you’ve been thinking of doing but you don’t know where to start or who to trust, feel free to give me a call.
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Chris Tuttle
530-338-1183
Redding Real Estate Pros