The month of January, 2012 we paid $3,405.26 toward our mortgage on the new refinanced loan.  The monthly mortgage amount is $1,405.26 so we paid a $2,000 principal buy-down.  The extra $2,000 came from our LOC from Horizon bank thus we had no change in lifestyle.  We paid it back to our Horizon LOC this same month thus paying only $5.12 in interest this month to our LOC.  The principal amount of the LOC is back down to $0.00.  Next month I will share with you how much we’ve save in interest so far in just 2 1/2 months.  STAY TUNED!

Horizon Bank has approved our LOC.  It is not a HELOC but a business LOC (Line of Credit).  They said that because I rent my house during beach season it has to be looked upon as a business.  They gave us a $50,000 LOC.  This works for us.  Our first payment for the new mortgage was in December, 2011.  We will be able to start the Accelerated Mortgage Payment program this month.

Bank of America denied opening back up the HELOC (Home Equity Line of Credit) we had with them.  We applied at TCF and Chase and were denied at both for HELOCs on the Michigan house even though it’s value is much higher than the 1st mortgage we have on it..  I found a smaller bank in Michigan – Horizon – and we will apply with them for the HELOC  on Michigan.  We cannot implement the Accelerated Mortgage Payoff with a LOC (Line of Credit) in place.  We’ll see if Horizon will grant us a LOC.

Well, we refinanced the mortgage on the home in Michigan with the same bank Bank of America. Took it down from a 30-year 7.5% mortgage to a 15-year 4.25% mortgage. The not is approximately $100 more but we are paying it off in half the time. We will be using the Accelerated Mortgage Payoff principle to pay it off quickly. I am estimating 4 to 5 years. We’ll see. Stay tuned for the journey and see if this really works. You can learn all about the Accelerated Mortgage Payoff HERE!

Accelerate Your Mortgage Here

Would you like to pay off your mortgage in half (or more) of the without have to make more money than you are currently?  If you have a mortgage, I think your answer to this question with a resounding “YES”.

The Accelerated Mortgage Payoff is a take off from the Money Merge Account Program, currently being sold by financial institutions in this country. (Do an internet search on the Money Merge Account Program).

*******************************************************************

Live the life of your dreams with more money in your pocket. Save big money on your mortgage

Yes I Want To Accelerate My Mortgage Big Time

*******************************************************************

AMP is very similar to the Money Merge System with three major differences:

1) You implement it yourself;

2) You regulate it yourself and;

3) There is no huge upfront fee you must pay to implement this system.

AMP can accelerate any kind of primary mortgage (ie. 30-year fixed to an interest only loan), and pay it off in 1/2 to 1/3, or less of it’s originally scheduled time.  This means that a 30-year mortgage, for example, could be paid of in 7 or 8 years using AMP.  There is no need to refinance your existing mortgage and AMP does not affect your existing cash flow.

To implement AMP you must have:

1)Self-discipline and;

2)A credit score high enough to take out a LOC (Line of Credit). This could be a HELOC (Home Equity Line of Credit).

Once you obtain, a LOC you will use it just like you would a checking account. Instead of having your income sitting in a bank you will be using it to cancel out incredible amounts of interest on your mortgage.  As a bonus, this program can be used to eliminate all your debt such as credit cards, cars, medical bills, student loans, vacations, time shares etc.

Simplified, there are 7 basic steps to implementing AMP:

1)  Obtain a LOC (Line of Credit) from a financial institution;

2)  Have your income checks deposited to your LOC instead of a checking account;

3)  Take your entire income amount from your LOC to pay down your mortgage;

4)  Borrow from your LOC to pay your bills for the month;

5)  The next month take your entire income to pay down the LOC to $0 then borrow

the same amount and pay down your mortgage again;

6)  Borrow from you LOC to pay your bills for this month;

7)  Continue repeating this cycle until you mortgage is paid off completely.

In short, the borrowed outstanding LOC amount will equal $0 once it is paid at the beginning of each month. This will minimize the interest charged on the LOC over the course of paying off your mortgage and other bills, shorten you mortgage payment years considerably and minimize the amount you pay in interest over the life of the loan.

AMP works because the interest amount paid on the HELOC is calculated daily and is only on the amount that has been borrowed.  This is a lot less then the interest being charged on the original mortgage, which is calculated on the entire principal amount outstanding.