Mortgage Elimination Saving You Thousands & Slash Years Off Your Mortgage

In this financial turmoil you may be looking for the best financial strategy to save thousands of dollars.
One way is to use a mortgage elimination strategy and retire debt free. Mortgage elimination has been around since the beginning of time and the question is how can it work for you in this new financial market where your home equity has been slashed almost 40%?

According to Roget’s thesaurus the word elimination means eradication, extermination, taking away, withdrawal.

Imagine being in the situation where you can completely exterminate and eradicate your mortgage. I know this sounds a little harsh, but remember it the end of the day is your finances we are talking about.

The main reason we choose mortgage elimination as a financial technique to save thousands of dollars is that our mortgage costs us almost double than what we originally borrowed.

No doubt, living the American dream is owning your own home. One of the biggest sources of retirement income after our retirement savings, is the equity we have built in our home. In the event of an emergency or we are short of cash in retirement we can tap into a home equity to provide us with an extra source of income in our retirement years.

But having a home has one downside. It is called mortgage interest. Sure, you get a tax deduction when you pay mortgage interest. But let’s assume you have a $200,000 mortgage. Over 30 years, assuming a mortgage is 6%, you will end up spending over $430,000 in mortgage repayments. Over $230,000 goes towards interest. You end up spending little more interest in what you borrowed to pay for your home.

As you can see irrespective of your mortgage deduction for tax purposes, most of your hard-earned paycheck goes towards paying mortgage interest. Imagine for a second, instead of paying $230,000 of interest you end up paying $130,000 in mortgage interest. And you got to keep hundred thousand dollars of interest for yourself.

Let’s assume you invested hundred thousand dollars of interest over 30 years assuming $69 a week for over 30 years at a 5% interest rate. Well I don’t know about you but if you invested that over time and you invested that wisely lets the conservative and say you could end up with over $249725.90 in savings.

That is almost over a quarter million dollars that you could keep for your retirement instead off paying that to the bank in mortgage interest.

So I ask you a question is mortgage elimination part of your overall financial strategy?

There are various ways to pay off your mortgage. One way is to spend extra from your pocket each month or use a biweekly mortgage program to eliminate your mortgage payments.

But there is a smart alternative. To achieve through mortgage elimination without spending more, refinancing or changing your lifestyle you can use the mortgage acceleration method.

All this method requires, is to use a home equity line as a checking account instead of a regular checking account. By using the home equity line to deposit your cash and pay your bills, you turn this into an automatic interest savings account. Just by using this checking every single month, you can slashed almost 13 years of your mortgage and save over $60,000 in interest.

And if you pay a little extra towards the mortgage each month on top of the mortgage acceleration program then you could end up paying off your mortgage in under 10 years.

Zero Down Payment Auto Loans – The Truth Your Local Dealership Does Not Want You to Know!

Most people think of purchasing a brand new car or truck as of something distant because they either are worried about their credit rating or are afraid of a high down payment they would have to come up with that they do not have set aside. The best solution for most consumers is a zero down payment car loan.

Do Not Go By What Dealers Tell You

Many car dealers attract customers by advertizing zero down payment financing on new vehicles with low monthly payments. They advertize great deals everywhere, from local papers to radio, TV, and internet. However, once it comes down to reality, most of these promises fail. Once you are in the financing office after a test drive at your local dealer, in most cases, you are approached with different terms than advertized.

Most finance managers would simply tell you that the offer had expired, or you did not qualify for preferred financing due to your low credit score. Then they give you an offer for financing with a down payment and a higher interest rate that most people would take, as they see no alternative. You drive away in a brand new vehicle, happy with a car but upset with the financing terms, and managers and owners of a car dealership fill their pockets with bonuses and commissions they get from auto financing companies for marking up the interest on a loan. This is the way it works.

Auto Dealers Are Not The Only Source For Vehicle Financing

There is a pleasant alternative, however, that most smart consumers have taken advantage of already. Auto dealerships are not the only ones that grant loans, and there are other lenders that would pre-approve you, before you even step your foot in a dealership. Most independent auto finance companies operate online, avoiding any intermediaries in the lending process, allowing consumers to enjoy lower rates and better auto loan terms. Most of them utilize lender-matching platforms that allow consumers submit one application only to enjoy multiple loan offers from different auto finance companies at once. Most, if not all, of these lenders offer better terms that your local bank or dealership may present you with. This is how you may get ahead of the game and avoid empty promises of zero down financing from your local dealer.

Qualifying For A Zero Down Loan Is Easy

Another common myth that people believe in, mostly due to influence of auto dealers, is that only people with excellent credit may qualify for zero down loans. Some dealers even fool the customers by telling them that they have special relationships with certain lenders. Online lenders do not care about special relationships – they are in the business of granting loans for qualified individuals and making money. You may be surprised that the qualification criteria for zero down loans from lenders online are more relaxed when compared to banks and dealership financing. They mostly need proof of steady employment and disposable income to cover loan payments, and do not worry too much about your past credit mistakes. In addition, they make preapproval decisions in a heartbeat, and may get you a blank check the next day, that you would be able to use at any dealer of your choice.