Fox News Reporter "I've Done It - It Works!Mortgage Accelerator Cuts Years Off A Mortgage - "Amazing"
Pay Off Your Mortgage in 5 To 7 Years
How to pay off your mortgage in 5 to 7 years was the topic of a Fox News TV report. The segment shows viewers how a pay off your mortgage in 5 to 7 years. During the show, one of the reporters says “this is unbelievable and it’s not as simple as just making a principal payment there’s some science behind this. I’ve done it it really works! .You’ll be shocked”!
With the help of a financial reporter, they lay out the strategy of how to pay off your mortgage in 5 To 7 years and advise viewer to follow very carefully. They illustrate how this works with explanations and examples. The narrator tells viewers that the first thing to do is to replace their conventional 30 year mortgage with what’s called a home equity line of credit, or HELOC. Our comment: we recommend to replace only a portion of the mortgage, not the entire mortgage. We advise our users on how much to replace. By replacing only a small portion of the mortgage with the HELOC, users are protected from interest increases on the HELOC, because home equity credit loans have floating interest rates. The narrator continues that after setting up a HELOC account, what to do with your income is to deposit your income automatically into the HELOC. Then he adds that to make this work you need three things:
- You need positive cash flow; in other words more money coming in than going out during the year
- you need positive equity – you should have some positive equity in your house
- you need a credit score of around 680 or higher in order to qualify for the HELOC
One of the reporters asks the narrator why aren’t more people doing this? He says that the banks don’t want people to know about this “Why would the banks want you to know about this? The banks love it that you keep your money in a checking account earning zero interest then they turn around and lend it out to you at 18% or more on a credit card, and you’re paying them for 30 years. Why would the banks want you to know about this?”
One of the reporters says “I started doing this and I know that it works” . They then go over an example to illustrate the savings that homeowners can have using this method to pay off your mortgage in 5 To 7 years. We are more conservative, and so we advise our clients how to use this system to pay off their mortgage fast, but not 5 to 7 years. We generally find that most users of the Mortgage Magic System pay off their mortgage in 12 to 15 years. That’s still an amazing savings.