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Since the great depression, the majority of Americans have financed their homes with a 30-year fixed rate loans. Even today most mortgage ads bombard us with, "the new low rate" or "lowest fixed rates" tag lines. Unfortunately, the 30-year fixed rate mortgage is without a doubt the greatest wealth killer in the history of the United States and amortization is to blame. In fact, most homeowners don't realize that they won't pay more principal than interest, in a single year, until the 22nd year of their 30-year mortgage. Combined with the fact that most people are hitting reset, and refinancing every 5 to 7 years, and it's no wonder Americans aren't making any head way on their mortgage debt, which last year surpassed 11 trillion dollars in just principal. Fortunately, there is now a smarter way to borrower, and it's called a Life Changer Loan.
The Life Changer Loan was engineered to help borrowers rapidly and more comfortably eliminate their housing debt and avoid excessive interest costs over the life of a loan. Although many homeowners are using this new loan to pay off their mortgages in just a few years versus decades, it's not for everyone. So, first a few prerequisites for a Life Changer Loan:
· Borrowers must have good credit - 700 fico score or higher
· Borrowers must be good with their money
· Borrowers must deposit more money than they spend on a typical monthly basis
· Borrowers must have decent equity or down payment - usually 20% or more
If borrowers find themselves meeting the previous criteria, then a Life Changer Loan is most likely their best option for financing a home. So how does it work and what makes it so different?
· A Life Changer Loan is a mortgage and a checking account
· All payments / deposits go directly to principal - not interest
· Retain access to equity dollars for 30 years without refinancing
· Now idle cash laying around in low interest-bearing accounts (i.e. checking, savings, CD's), can now be placed in the mortgage, hence lowering interest cost
· Borrowers that deposit more money than they spend will enjoy lower interest costs each month thereby creating a snowball effect and a much quicker pay off
· Most clients pay off their mortgage in a few short years versus decades and save 100's of thousands of dollars in interest
· Buy multiple properties using the same line of credit, over and over again
Those homeowners interested in shaving decades off of their mortgage, and meet the criteria, should find out more at www.lifechangerloan.com There homeowners can run simulator for themselves. Comparing their current mortgage to the Life Changer Loan and see just how quickly they could pay off their homes.