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How to Follow the Mortgage Accelerator Plus Program New York

We were taught to pay our mortgage payment entirely the wrong way. Using mortgage acceleration strategies, you can save thousands of dollars in interest and payoff your mortgage in 1/3rd the time using the money you already make and not changing your lifestyle.

Local Companies

Mary Collins Real Estate, Inc.
(845) 687-0911
Route 213 East
High Falls, NY

Bourdeau Financial
866-530-7300 ext 732
920 Albany Sjaker Rd
Latham, NY

The Binghamton Mortgage Company
607.262.0054
4747 Vestal Parkway
Vestal, NY

Prioirity Funding, Ltd.
631-224-8990
265 East Main st
East Islip, NY

1031 Investment Services LLC
(914) 447-3785
12 Ackerman Court
Croton on Hudson, NY

Battery Park Reality
(212) 786-1789
21 South End Avenue
New York, NY

Feldman Weinstein
(212) 869-7000
420 Lexington Avenue
New York, NY

Advisors Mortgage Group, LLC
631-804-9044
300 Garden City Plaza
Garden City, NY

Priority Funding Ltd
631-224-8990
265 East Main St
East Islip, NY

Steps

In our example, we have a $200,000 mortgage and we make $5,000 per month.

Find your positive cash flow.
- This is the most important step. Take all your monthly bills including your mortgage, credit cards, utilities, memberships, gas, shopping money, grocery money, etc. etc. and add them all together. Take your monthly paycheck and subtract the total monthly expenses from it. Whatever you have left over is your amount of Monthly Positive Cash Flow. The more positive cash flow you have, the more interest you will save, and the faster you will payoff your mortgage.
Deposit your paycheck into your mortgage.
- Yes, you read it correctly. Lets say you get paid your paycheck of $5,000 on January 1. Take that entire $5,000 and deposit it into your mortgage. If you didn't already know, interest accrues daily on your mortgage in the United States. Deposit the entire $5,000 into your mortgage and your new balance (in our example) will be $195,000. For the entire month, interest will accrue based on a $195,000 balance instead of $200,000. You are already saving money! Wait, how do we pay our bills?
Get a good credit card.
- Credit cards can be the death of you BUT, if used correctly, they can be a cornerstone of this whole system. The one thing credit cards do well is they will give you "free" money for up to 45 days. If you have a $100 balance and you pay it off every month, you wont accrue any interest. We are going to pay AS MANY OF OUR BILLS as possible on our credit card. Utilities, gas, shopping, tickets to the movies...everything. Let's say we have accrued $2,000 in "bills" on our credit card throughout the month of January. Now what?
Get a Home Equity Line of Credit.
- The other cornerstone behind the system is the Home Equity Line of Credit, aka a HELOC. The HELOC is a useful type of mortgage that you can get that acts like a credit card using your home as collateral. Always always get a HELOC with a ZERO balance. You will use the HELOC to payoff the credit card balance of $2,000 in FULL every month and you will also use the HELOC to pay your mortgage payment (let's say your mortgage payment is $1,000).
Recap time.
- You put your entire $5,000 paycheck into your mortgage of $200,000.
- Your new mortgage balance is now $195,000.
- You put all your $2,000 of monthly "spendings" on a credit card.
- You have a $1,000 mortgage payment for a total of $3,000/month in payments.
- You use your HELOC to pay the credit card bill and the mortgage payment.
- Your new TOTAL mortgage balances are:
  - st Lien of $195,000
  - nd Lien HELOC of $3,000
  - Total = $198,000
  - Payoff the balance of the HELOC.
  - In February, you get your paycheck again, but this time, put it entirely into your HELOC while keeping the balance of your 1st mortgage at $195,000 which is already saving you interest. With our balance of $3,000 and our positive cash flow of $2,000, the HELOC will be paid back to $0 in, technically, a month and half. Then you can continue the process of putting your paycheck into your mortgage.
AMAZING ISN'T IT!! YOU ARE DOING MORE WITH THE MONEY YOU ALREADY MAKE!

Tips

1. Do your research! Use the links below to find out more about programs that TEACH YOU from start to finish, how to easily implement this program into your daily life. I recommend the Mortgage Accelerator Plus program developed by Norm Bour and Mike Roberts, it TEACHES you the strategies instead of making you refinance your mortgage or spend thousands of dollars.
2. Talk to a professional! There are Certified Mortgage Acceleration Specialists that can show you the right way and the wrong way of doing things. There are multiple sources out there and they will tell the benefits and drawbacks of all of them.
3. Get a credit card that accrues good airline miles. You are racking up big balances but you are paying them off IN FULL every month. This will help you accrue free trips to destinations around the world!
4. Make sure that you HELOC has a ZERO balance. If ANY lender says that you MUST take a draw at closing, they are wrong. They only say that because most Loan Officers only get paid based on the draw amount and not the balance of the HELOC. Move on until you find one that does not require a draw at closing.
5. Find a HELOC that has a debit card. Some of the bigger banks will offer a debit card in lieu of HELOC checks. It will be easier to payoff your credit card and your mortgage utilizing these debit card that are tied to your HELOC. Some of the major banks are Countrywide, Wells Fargo, and CitiMortgage.

Warnings

This is NOT a Bi-Weekly mortgage
This is NOT putting extra money towards your mortgage
This is NOT making an extra payment
This does NOT require you to change your lifestyle
This DOES turn the amortization chart UPSIDE DOWN
This WILL change your life!

Sources and Citations

Norm & Mike - inventors of the Mortgage Accelerator Plus program and Co-Hosts of The Real Estate & Finance Show
Save Interest By Using a HELOC instead of a CC

Article provided by wikiHow, a wiki how-to manual. Please edit this article and find author credits at the original wikiHow article on How to Follow the Mortgage Accelerator Plus Program. All content on wikiHow can be shared under a Creative Commons license.

Featured Local Company

Mary Collins Real Estate, Inc.

(845) 687-0911
Route 213 East
High Falls, NY
http://www.marycollinsrealestate.com

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