How to Pay off Your Mortgage Sooner

Question for you...

How many years from now do you want to own
your home free and clear?

As you may already know, paying your mortgage off 
the traditional way takes 25 to 30 years and costs 
about TWICE the purchase price of your home. 

Here are some effective ways to pay off your mortgage 
sooner, build home equity faster and save thousands in interest.

*    Change your payments. Simply increasing your 
payment frequency to bi-weekly or weekly costs 
nothing and can save thousands of dollars over the 
life of your mortgage. If you can afford to pay a little 
extra, consider accelerated bi-weekly or weekly 
payments--these are equivalent to making one extra 
monthly payment per year which results in substantial 
savings. Or you can make a lump sum payment which 
can realize savings several times as great over the life 
of your mortgage.

*    All-in-one mortgage. Instead of making extra 
payments, consider switching to a mortgage that pays 
off the principal faster without costing you anything 
more. All-in-one mortgages combine a line-of-credit 
mortgage with a checking account to reduce interest 
costs and pay off your mortgage in as little as half the 
time, without changing your spending habits. You deposit 
your pay into the all-in-one account and pay bills as you 
normally would. While you're not using your money, it's 
used to reduce your daily loan balance. Over the life of 
the loan, this can save hundreds of thousands of dollars 
in interest!

*    Merged account mortgage. If you'd rather not 
refinance your existing mortgage to switch to an 
all-in-one mortgage, consider a merged account 
mortgage. This system uses your existing mortgage 
(any type of first mortgage will work), an advanced 
line-of-credit (ALOC), and specialized software that 
makes a connection between your bank account, 
ALOC and mortgage. Each time you deposit income 
into your account, the software automatically generates 
an interest cancellation on your mortgage. The result is 
that a 30-year mortgage can be paid off in about 8 to 
11 years, with no change to your lifestyle or refinancing 
of your existing mortgage.

To help decide which of these options is the best way for 
you to become mortgage-free sooner, call us today for a 
free analysis at (512) 799-0133.

From Amarillo Brownsville, El Paso to Houston, 
Lubbock to Austin, or Midland/Odessa to 
Dallas/Ft. Worth...we cover TEXAS. Our highly experienced team of 
mortgage loan advisors can help make you 
make the right choice for you and your family.