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
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.
  1. 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.
  2. 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?
  3. 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?
  4. 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).
  5. 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.
  6. 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

Related Articles
- Real Estate Note New York
When it comes to real estate note dealing, there is a lot to be concerned with. Whether you have just learned what a mortgage note is, or you have had a great deal of experience buying and selling them, chances are that there is always going to be something that you'll have questions about. Indeed, individuals may have many questions when it comes to their own mortgage, the mortgage note holder, and the seller, but there are some basic principles that one should remember in order to keep everything organized!
- How to Prepay Your Mortgage New York
- Flexible Mortgage For Self Employed New York
- How to Talk to Mortgage Lenders New York
- How to Understand a N.I.N.J.A. Mortgage New York
- Green Mortgages New York
- How to Choose a Mortgage Broker New York
- How to Compare Mortgage Programs New York
- Advantages and Disadvantages of Refinancing New York
- How to Avoid Foreclosure by Knowing Your Mortgage Type New York
Regional Articles
- How to Follow the Mortgage Accelerator Plus Program Albany NY
- How to Follow the Mortgage Accelerator Plus Program Amityville NY
- How to Follow the Mortgage Accelerator Plus Program Amsterdam NY
- How to Follow the Mortgage Accelerator Plus Program Arverne NY
- How to Follow the Mortgage Accelerator Plus Program Astoria NY
- How to Follow the Mortgage Accelerator Plus Program Auburn NY
- How to Follow the Mortgage Accelerator Plus Program Babylon NY
- How to Follow the Mortgage Accelerator Plus Program Baldwin NY
- How to Follow the Mortgage Accelerator Plus Program Baldwinsville NY
- How to Follow the Mortgage Accelerator Plus Program Ballston Spa NY
- How to Follow the Mortgage Accelerator Plus Program Bay Shore NY
- How to Follow the Mortgage Accelerator Plus Program Bayside NY
- How to Follow the Mortgage Accelerator Plus Program Beacon NY
- How to Follow the Mortgage Accelerator Plus Program Bellerose NY
- How to Follow the Mortgage Accelerator Plus Program Bellmore NY
- How to Follow the Mortgage Accelerator Plus Program Bethpage NY
- How to Follow the Mortgage Accelerator Plus Program Binghamton NY
- How to Follow the Mortgage Accelerator Plus Program Brentwood NY
- How to Follow the Mortgage Accelerator Plus Program Brewster NY
- How to Follow the Mortgage Accelerator Plus Program Brockport NY
- How to Follow the Mortgage Accelerator Plus Program Bronx NY
- How to Follow the Mortgage Accelerator Plus Program Bronxville NY
- How to Follow the Mortgage Accelerator Plus Program Brooklyn NY
- How to Follow the Mortgage Accelerator Plus Program Buffalo NY
- How to Follow the Mortgage Accelerator Plus Program Cambria Heights NY
- How to Follow the Mortgage Accelerator Plus Program Camillus NY
- How to Follow the Mortgage Accelerator Plus Program Canandaigua NY
- How to Follow the Mortgage Accelerator Plus Program Centereach NY
- How to Follow the Mortgage Accelerator Plus Program Central Islip NY
- How to Follow the Mortgage Accelerator Plus Program Clifton Park NY
- How to Follow the Mortgage Accelerator Plus Program Cohoes NY
- How to Follow the Mortgage Accelerator Plus Program College Point NY
- How to Follow the Mortgage Accelerator Plus Program Commack NY
- How to Follow the Mortgage Accelerator Plus Program Copiague NY
- How to Follow the Mortgage Accelerator Plus Program Coram NY
- How to Follow the Mortgage Accelerator Plus Program Corning NY
- How to Follow the Mortgage Accelerator Plus Program Corona NY
- How to Follow the Mortgage Accelerator Plus Program Cortland NY
- How to Follow the Mortgage Accelerator Plus Program Cortlandt Manor NY
- How to Follow the Mortgage Accelerator Plus Program Deer Park NY
- How to Follow the Mortgage Accelerator Plus Program Delmar NY
- How to Follow the Mortgage Accelerator Plus Program Depew NY
- How to Follow the Mortgage Accelerator Plus Program Dunkirk NY
- How to Follow the Mortgage Accelerator Plus Program East Amherst NY
- How to Follow the Mortgage Accelerator Plus Program East Aurora NY
- How to Follow the Mortgage Accelerator Plus Program East Elmhurst NY
- How to Follow the Mortgage Accelerator Plus Program East Islip NY
- How to Follow the Mortgage Accelerator Plus Program East Meadow NY
- How to Follow the Mortgage Accelerator Plus Program East Northport NY
- How to Follow the Mortgage Accelerator Plus Program East Setauket NY
- How to Follow the Mortgage Accelerator Plus Program East Syracuse NY
- How to Follow the Mortgage Accelerator Plus Program Elmhurst NY
- How to Follow the Mortgage Accelerator Plus Program Elmira NY
- How to Follow the Mortgage Accelerator Plus Program Elmont NY
- How to Follow the Mortgage Accelerator Plus Program Endicott NY
- How to Follow the Mortgage Accelerator Plus Program Fairport NY
- How to Follow the Mortgage Accelerator Plus Program Far Rockaway NY
- How to Follow the Mortgage Accelerator Plus Program Farmingdale NY
- How to Follow the Mortgage Accelerator Plus Program Farmingville NY
- How to Follow the Mortgage Accelerator Plus Program Floral Park NY
- How to Follow the Mortgage Accelerator Plus Program Flushing NY
- How to Follow the Mortgage Accelerator Plus Program Forest Hills NY
- How to Follow the Mortgage Accelerator Plus Program Franklin Square NY
- How to Follow the Mortgage Accelerator Plus Program Fredonia NY
- How to Follow the Mortgage Accelerator Plus Program Freeport NY
- How to Follow the Mortgage Accelerator Plus Program Fresh Meadows NY
- How to Follow the Mortgage Accelerator Plus Program Fulton NY
- How to Follow the Mortgage Accelerator Plus Program Garden City NY
- How to Follow the Mortgage Accelerator Plus Program Glen Cove NY
- How to Follow the Mortgage Accelerator Plus Program Glen Oaks NY
- How to Follow the Mortgage Accelerator Plus Program Glens Falls NY
- How to Follow the Mortgage Accelerator Plus Program Gloversville NY
- How to Follow the Mortgage Accelerator Plus Program Great Neck NY
- How to Follow the Mortgage Accelerator Plus Program Hamburg NY
- How to Follow the Mortgage Accelerator Plus Program Hauppauge NY
- How to Follow the Mortgage Accelerator Plus Program Hempstead NY
- How to Follow the Mortgage Accelerator Plus Program Hicksville NY
- How to Follow the Mortgage Accelerator Plus Program Hilton NY
- How to Follow the Mortgage Accelerator Plus Program Holbrook NY
- How to Follow the Mortgage Accelerator Plus Program Hollis NY
- How to Follow the Mortgage Accelerator Plus Program Hopewell Junction NY
- How to Follow the Mortgage Accelerator Plus Program Horseheads NY
- How to Follow the Mortgage Accelerator Plus Program Howard Beach NY
- How to Follow the Mortgage Accelerator Plus Program Huntington NY
- How to Follow the Mortgage Accelerator Plus Program Huntington Station NY
- How to Follow the Mortgage Accelerator Plus Program Islip NY
- How to Follow the Mortgage Accelerator Plus Program Ithaca NY
- How to Follow the Mortgage Accelerator Plus Program Jackson Heights NY
- How to Follow the Mortgage Accelerator Plus Program Jamaica NY
- How to Follow the Mortgage Accelerator Plus Program Jamestown NY
- How to Follow the Mortgage Accelerator Plus Program Kew Gardens NY
- How to Follow the Mortgage Accelerator Plus Program Kings Park NY
- How to Follow the Mortgage Accelerator Plus Program Kingston NY
- How to Follow the Mortgage Accelerator Plus Program Lancaster NY
- How to Follow the Mortgage Accelerator Plus Program Larchmont NY
- How to Follow the Mortgage Accelerator Plus Program Latham NY
- How to Follow the Mortgage Accelerator Plus Program Levittown NY
- How to Follow the Mortgage Accelerator Plus Program Lindenhurst NY
- How to Follow the Mortgage Accelerator Plus Program Little Neck NY
- How to Follow the Mortgage Accelerator Plus Program Liverpool NY
- How to Follow the Mortgage Accelerator Plus Program Lockport NY
- How to Follow the Mortgage Accelerator Plus Program Long Beach NY
- How to Follow the Mortgage Accelerator Plus Program Long Island City NY
- How to Follow the Mortgage Accelerator Plus Program Lynbrook NY
- How to Follow the Mortgage Accelerator Plus Program Mahopac NY
- How to Follow the Mortgage Accelerator Plus Program Malone NY
- How to Follow the Mortgage Accelerator Plus Program Mamaroneck NY
- How to Follow the Mortgage Accelerator Plus Program Manhasset NY
- How to Follow the Mortgage Accelerator Plus Program Manlius NY
- How to Follow the Mortgage Accelerator Plus Program Maspeth NY
- How to Follow the Mortgage Accelerator Plus Program Massapequa NY
- How to Follow the Mortgage Accelerator Plus Program Massapequa Park NY
- How to Follow the Mortgage Accelerator Plus Program Massena NY
- How to Follow the Mortgage Accelerator Plus Program Mastic NY
- How to Follow the Mortgage Accelerator Plus Program Melville NY
- How to Follow the Mortgage Accelerator Plus Program Merrick NY
- How to Follow the Mortgage Accelerator Plus Program Middle Village NY
- How to Follow the Mortgage Accelerator Plus Program Middletown NY
- How to Follow the Mortgage Accelerator Plus Program Mineola NY
- How to Follow the Mortgage Accelerator Plus Program Monroe NY
- How to Follow the Mortgage Accelerator Plus Program Monsey NY
- How to Follow the Mortgage Accelerator Plus Program Mount Kisco NY
- How to Follow the Mortgage Accelerator Plus Program Mount Vernon NY
- How to Follow the Mortgage Accelerator Plus Program Nanuet NY
- How to Follow the Mortgage Accelerator Plus Program New City NY
- How to Follow the Mortgage Accelerator Plus Program New Hartford NY
- How to Follow the Mortgage Accelerator Plus Program New Hyde Park NY
- How to Follow the Mortgage Accelerator Plus Program New Paltz NY
- How to Follow the Mortgage Accelerator Plus Program New Rochelle NY
- How to Follow the Mortgage Accelerator Plus Program New Windsor NY
- How to Follow the Mortgage Accelerator Plus Program New York NY
- How to Follow the Mortgage Accelerator Plus Program Newburgh NY
- How to Follow the Mortgage Accelerator Plus Program Niagara Falls NY
- How to Follow the Mortgage Accelerator Plus Program North Babylon NY
- How to Follow the Mortgage Accelerator Plus Program North Tonawanda NY
- How to Follow the Mortgage Accelerator Plus Program Nyack NY
- How to Follow the Mortgage Accelerator Plus Program Oakland Gardens NY
- How to Follow the Mortgage Accelerator Plus Program Oceanside NY
- How to Follow the Mortgage Accelerator Plus Program Ogdensburg NY
- How to Follow the Mortgage Accelerator Plus Program Olean NY
- How to Follow the Mortgage Accelerator Plus Program Oneonta NY
- How to Follow the Mortgage Accelerator Plus Program Orchard Park NY
- How to Follow the Mortgage Accelerator Plus Program Ossining NY
- How to Follow the Mortgage Accelerator Plus Program Oswego NY
- How to Follow the Mortgage Accelerator Plus Program Ozone Park NY
- How to Follow the Mortgage Accelerator Plus Program Patchogue NY
- How to Follow the Mortgage Accelerator Plus Program Pearl River NY
- How to Follow the Mortgage Accelerator Plus Program Peekskill NY
- How to Follow the Mortgage Accelerator Plus Program Penfield NY
- How to Follow the Mortgage Accelerator Plus Program Pittsford NY
- How to Follow the Mortgage Accelerator Plus Program Plainview NY
- How to Follow the Mortgage Accelerator Plus Program Plattsburgh NY
- How to Follow the Mortgage Accelerator Plus Program Port Chester NY
- How to Follow the Mortgage Accelerator Plus Program Port Jefferson Station NY
- How to Follow the Mortgage Accelerator Plus Program Port Washington NY
- How to Follow the Mortgage Accelerator Plus Program Potsdam NY
- How to Follow the Mortgage Accelerator Plus Program Poughkeepsie NY
- How to Follow the Mortgage Accelerator Plus Program Queens Village NY
- How to Follow the Mortgage Accelerator Plus Program Queensbury NY
- How to Follow the Mortgage Accelerator Plus Program Rego Park NY
- How to Follow the Mortgage Accelerator Plus Program Rensselaer NY
- How to Follow the Mortgage Accelerator Plus Program Richmond Hill NY
- How to Follow the Mortgage Accelerator Plus Program Ridgewood NY
- How to Follow the Mortgage Accelerator Plus Program Riverhead NY
- How to Follow the Mortgage Accelerator Plus Program Rochester NY
- How to Follow the Mortgage Accelerator Plus Program Rockaway Park NY
- How to Follow the Mortgage Accelerator Plus Program Rockville Centre NY
- How to Follow the Mortgage Accelerator Plus Program Rome NY
- How to Follow the Mortgage Accelerator Plus Program Ronkonkoma NY
- How to Follow the Mortgage Accelerator Plus Program Roosevelt NY
- How to Follow the Mortgage Accelerator Plus Program Rosedale NY
- How to Follow the Mortgage Accelerator Plus Program Rye NY
- How to Follow the Mortgage Accelerator Plus Program Saint Albans NY
- How to Follow the Mortgage Accelerator Plus Program Saint James NY
- How to Follow the Mortgage Accelerator Plus Program Saratoga Springs NY
- How to Follow the Mortgage Accelerator Plus Program Saugerties NY
- How to Follow the Mortgage Accelerator Plus Program Sayville NY
- How to Follow the Mortgage Accelerator Plus Program Scarsdale NY
- How to Follow the Mortgage Accelerator Plus Program Schenectady NY
- How to Follow the Mortgage Accelerator Plus Program Selden NY
- How to Follow the Mortgage Accelerator Plus Program Shirley NY
- How to Follow the Mortgage Accelerator Plus Program Smithtown NY
- How to Follow the Mortgage Accelerator Plus Program South Ozone Park NY
- How to Follow the Mortgage Accelerator Plus Program South Richmond Hill NY
- How to Follow the Mortgage Accelerator Plus Program Spencerport NY
- How to Follow the Mortgage Accelerator Plus Program Spring Valley NY
- How to Follow the Mortgage Accelerator Plus Program Springfield Gardens NY
- How to Follow the Mortgage Accelerator Plus Program Staten Island NY
- How to Follow the Mortgage Accelerator Plus Program Stony Brook NY
- How to Follow the Mortgage Accelerator Plus Program Suffern NY
- How to Follow the Mortgage Accelerator Plus Program Sunnyside NY
- How to Follow the Mortgage Accelerator Plus Program Syosset NY
- How to Follow the Mortgage Accelerator Plus Program Syracuse NY
- How to Follow the Mortgage Accelerator Plus Program Tarrytown NY
- How to Follow the Mortgage Accelerator Plus Program Tonawanda NY
- How to Follow the Mortgage Accelerator Plus Program Troy NY
- How to Follow the Mortgage Accelerator Plus Program Uniondale NY
- How to Follow the Mortgage Accelerator Plus Program Utica NY
- How to Follow the Mortgage Accelerator Plus Program Valley Stream NY
- How to Follow the Mortgage Accelerator Plus Program Vestal NY
- How to Follow the Mortgage Accelerator Plus Program Wantagh NY
- How to Follow the Mortgage Accelerator Plus Program Wappingers Falls NY
- How to Follow the Mortgage Accelerator Plus Program Watertown NY
- How to Follow the Mortgage Accelerator Plus Program Watervliet NY
- How to Follow the Mortgage Accelerator Plus Program Webster NY
- How to Follow the Mortgage Accelerator Plus Program West Babylon NY
- How to Follow the Mortgage Accelerator Plus Program West Hempstead NY
- How to Follow the Mortgage Accelerator Plus Program West Islip NY
- How to Follow the Mortgage Accelerator Plus Program Westbury NY
- How to Follow the Mortgage Accelerator Plus Program White Plains NY
- How to Follow the Mortgage Accelerator Plus Program Whitestone NY
- How to Follow the Mortgage Accelerator Plus Program Woodhaven NY
- How to Follow the Mortgage Accelerator Plus Program Woodside NY
- How to Follow the Mortgage Accelerator Plus Program Wyandanch NY
- How to Follow the Mortgage Accelerator Plus Program Yonkers NY
- How to Follow the Mortgage Accelerator Plus Program Yorktown Heights NY
Related Articles
- How to Compare Mortgage Programs New York
To compare mortgage programs you need to look at the APR. What is an Annual Percentage Rate (APR)? The annual percentage rate (APR) is an interest rate that is different from the note rate. It is commonly used to compare loan programs from different lenders. The Federal Truth in Lending law requires mortgage companies to disclose the APR when they advertise a rate.
- How to Talk to Mortgage Lenders New York
- Advantages and Disadvantages of Refinancing New York
- Real Estate Note New York
- How to Understand a N.I.N.J.A. Mortgage New York
- How to Choose a Mortgage Broker New York
- How to Prepay Your Mortgage New York
- Green Mortgages New York
- How to Avoid Foreclosure by Knowing Your Mortgage Type New York
- Flexible Mortgage For Self Employed New York
Related Local Events
AFFORDABLE HOUSING COMMITTEE
Dates: 12/10/2009 - 12/10/2009
Location: Municipal Building
Hastings, NY
View Details

CITYSCAPE USA
Dates: 11/18/2009 - 11/19/2009
Location: Jacob K. Javits Convention Center
New York, NY
View Details

CITYSCAPE USA
Dates: 11/18/2009 - 11/19/2009
Location: Jacob K Javits Convention Center
New York, NY
View Details

AFFORDABLE HOUSING COMMITTEE
Dates: 11/12/2009 - 11/12/2009
Location: Municipal Building
Hastings, NY
View Details

RealShare NEW YORK 2009
Dates: 10/28/2009 - 10/28/2009
Location: The Roosevelt Hotel
New York, NY
View Details

Rss   Delicious   Digg   Add To My Yahoo   Add To My Google   Bookmark   Search Plugin

Topics:
Advertising Construction Health Legal
Business Services Education Home Services Real Estate
Careers & Work Family Insurance Software
Cars Financial Services Internet Telecommunications
Computing & Technology