Equity Accelerator Program for Mortgage

[hoythunter02]

Has anyone done this and your thoughts on it?

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[flatlander]

I haven't done it because the money I invest makes more than my mortgage interest rate.

That's what it came down to for me.

But if you just want to reduce debt it's a great way to do that, assuming you don't have other more expensive debt like credit cards that you'd be better off paying first.

[STGS]

If you are referring to the services that have you pay every two weeks instead of monthly, they provide nothing you can't do on your own for free. No need to pay them to do it.

[BrianL]

Check with the place that has you mortgage and see how they handle extra principle payments. I simply pay more than payment due and additional is applied to principle.

[kae006]

If you are referring to the services that have you pay every two weeks instead of monthly, they provide nothing you can't do on your own for free. No need to pay them to do it.

Yup. We pay ours online and I can go on any time and make a principal only payment or just add extra to the principal or escrow when paying the monthly note.

[TxNurse]

Our loan is with CitiMortgage, and they have a calculator that shows how many payments you save at the end if you pay extra principle each month. We have 15 years left, and if we pay an extra $200, it reduces it to 10 years.

https://online.citi.com/US/JRS/portal/template.do?ID=mortgage_additional_payment_savings_calculator&JFP_TOKEN=7E5VEYPY

[hoythunter02]

Thanks guys, you were all pretty much spot on. They offer nothing I'm unable to do myself. Thanks

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[ladrones]

I had a fella try and sale me on how to use a mortgage exceleration program that you would take a HELOC out and pay down the principle with what your monthly earnings were. You would basically live off of the HELOC. I cannot remember all the details but he claimed the mortgage would be paid in full within about 8 years. I never had much interest in the program so he did not make a sale and moved on.

[blntrey3]

I pay more every month straight to principle and throw extra payment or 2 a year.

[DFA]

Our loan is with CitiMortgage, and they have a calculator that shows how many payments you save at the end if you pay extra principle each month. We have 15 years left, and if we pay an extra $200, it reduces it to 10 years.

https://online.citi.com/US/JRS/porta...TOKEN=7E5VEYPY

Thanks for posting that! Checked mine, and it will save me a lot of cash to pay off early for not much more per month.