DO the MATH!
WHAT ABOUT THAT GREAT INTEREST RATE?
When you were at the loan closing … signing the so-called “Truth-In-Lending Statement” … what did you see when you looked at your interest rate??
Did you get a great “low” rate … 7.5% … 7% … 6%?
Is that the rate that you are TRULY paying??
Go get your most recent mortgage statement and take a look … go ahead … I’ll wait here for you … (smile).
DO THE MATH … for yourself.
What kind of interest are you REALLY paying?
For the first 10 to 20 years or so of a conventional mortgage…YOU are typically paying the bank somewhere around 70% - 80% in interest!
Is that right? Can that even be true?? Sure it is…take a look at your typical mortgage payment…and how much goes towards interest…and how LITTLE actually goes towards principal and building YOUR equity.
And guess how long the average American homeowner stays in their home…or better yet…their current mortgage loan?
On average…5 to 7 years…across the nation. That is based on historical homeowner data from the past 20 years.
Every 5 to 7 years …homeowners across the nation typically either move into that big and better home … trading up … or they refinance their current mortgage … for a lower rate … cash out for home improvements … to pay bills … etc. …
And what happens then? You start that whole 30 year cycle of interest charges ALL OVER AGAIN!! Right back to the beginning of your loan … where you are paying 80% or more of interest … with EVERY payment!
There IS a better way … without refinancing … to get that home paid off completely … putting YOUR equity back in YOUR pocket where it belongs … and not making the bank pure profit.
Consider creating an INTEREST CANCELLATION ACCOUNT … utilizing the Money Merge Account?from United First Financial.
ALL your debt … paid in 1/3 to 1/2 the time … saving yourself 10s to 100s of THOUSANDS in those front loaded interest charges.
*** The definition of insanity is doing the same thing over and over again and expecting different results ***
STOP paying the bank 80% interest and do something about it … TODAY!!
Raymond Birdsell
http://HoneyIShrunkOurMortgage.com
Raymond_Birdsell
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