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Most homeowners have the misconception that the wisest method to accelerate the pay-off of their home is to simply pay extra principal payments on their mortgages. Other homeowners are lured into thinking that bi-weekly mortgage payment plans are the answer. Still other homeowners utilize a 15-year mortgage rather than a 30-year mortgage amortization. In actuality, none of these methods usually prove to be the wisest method to accomplish a “free and clear” home.

You can accumulate sufficient cash in a conservative tax-deferred mortgage acceleration plan to pay off a home just as soon or sooner than utilizing the methods described above. In addition, you can accomplish your goal of paying off your home just as soon (typically in less than half the time) plus you will have the following advantages:

1) Maintain flexibility, liquidity, and safety of principle by allowing the equity to grow in a separate side fund where it is accessible in case of emergency, temporary disability, or unemployment.

2) Maximize the only real tax-deductible interest allowed by tax reform by keeping the loan balance as high as possible until you have the cash accumulated to pay your home in a lump sum. In a typical tax bracket, you can actually pay off a $100,000 30-year mortgage in 14 years partially using $22,000 of Uncle Sam’s money instead of your own money as with the methods described above.

3) Maintain control of your home equity, increase its rate of return and keep the equity portable. Most homeowners relocate every seven years. Your home will likely sell much easier with a high mortgage balance rather than a low mortgage balance and your equity should always be kept highly liquid regardless of real estate market conditions.

To understand how to accelerate the pay-off of your home mortgage wisely,
contact Sunni Tabrizi at First Source Financial Group at (858) 866-4500 or email me at: [Link Removed]

Sunni, Your links have been removed, please consider upgrading to premium membership.


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