If You Have Already Reached Your Goals, You Set Them Too Low In The First Place!
Paid Off home

How To Pay Off Your Mortgage In Half The Time – Pt 1

Photo By Sardaka (talk) 08:26, 30 December 2014 (UTC) - Own work, CC BY 3.0, Link
What if you could pay off your mortgage in half the time and still have your mortgage money available to go on holidays, buy your vehicles, provide the education for your children or whatever you want?

And you could continue to build your real wealth.

It is called the Home Equity Line of Credit. And the banks do not want you to have it. Why? I have had two bank managers tell me to my face that "the bank feels it is better that the money is in our pocket as opposed to the bank's clients".

And the funny things is I was shown this by a representative from a major international bank fifteen years ago.

Well that is the last thing I will say about banks.

I will show you how you can do it manually without the bank .... and there isn't a thing they can do to prevent you from getting ahead.

BUT DO NOT TAKE MY WORD FOR IT - pump your own personal numbers into my spreadsheet and see how it works.

It will take you a while to get all the ideas involved but based on Australian averages for income, living expenses and price of a home in major cities, you will see that you can pay off your home in "about" half the time (and probably better.)

Let's get started

There are three factors that determine everything about your mortgage:

  • Interest Rate
  • Amount of money outstanding i.e. the principal
  • Length of time principal is outstanding
Of these three factors, there is one that you have no control over - and that is where the lenders want to keep your focus.

that is the interest rate.

So forget about it.  We will show you what we mean in a later blog.

You can effect the amount of the PRINCIPAL and the LENGTH OF TIME outstanding.

So let's focus on what is important when it comes


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