How to Pay Off your Mortgage in 5 Years
Ever wonder how you may be able to pay off your #mortgage within 5-7 years (depending on your situation) without adding a single penny to your payment and not #refinancing? Sam Kwak is going to show you a strategy in how you can use a different method/instrument to pay off your mortgage quicker! This strategy is called the "Debt Free Acceleration" Strategy. This strategy has many other names such as "Velocity Banking", "Mortgage Acceleration", "Accelerated Debt Reduction", "HELOC Strategy", and more!
We first need to understand how mortgages work. In this strategy, we are using a Home Equity Line of Credit (HELOC) as a leverage to pay off the mortgage quicker and still maintaining our income and expenses as how they are. You can also use other instruments such as Business Line of Credit, Personal Line of Credit, or Credit Cards for the purpose of this strategy. The beautiful thing about this strategy is that it allows us to take an inefficient debt and convert it over to a much efficient debt.
The emphasis on this strategy is mainly on cash flow and principal balance reduction. The adage strategy of taking your hard earned money you earn and paying extra toward the principle is an old school strategy. While it works, the Debt Free Accelerator Strategy is a much more efficient way of paying off an amortized debt. This strategy will also work on Student loans, car loans, personal loans and so forth! Don't let the banks trick you with their amortized products!!!