The New Mortgage Pre-Payment Plan That Outperforms a Bi-weekly Mortgage Plan.
Quickly build tens of thousands of dollars in equity and pay your home off faster than any other mortgage savings plan available.
Congratulations! You are on your way to learning a technique that will cut years off your mortgage, save you thousands of dollars in mortgage interest, and allow you to rapidly build the equity in your home.
Lately, as I’m sure you’ve noticed, companies have been pushing the concept of a bi-weekly mortgage payment in order to eliminate your mortgage debt. These plans are fine, but in this report you’ll learn that bi-weekly mortgage payments are not always the best solution for mortgage reduction.
If you’re truly dedicated to paying your mortgage off quickly, reducing mortgage interest, and building your home equity then you’ll have to adopt a plan that is much more pro-active and aggressive than a bi-weekly.
As you read on you’ll begin to see the valuable differences between a passive plan such as a bi-weekly and the much more aggressive plan of Mortgage Cycling.
I must make mention as I state on my website that I do not recommend a cycling plan to someone who is living paycheck to paycheck. In order for cycling to work there must be a surplus amount of money left over each month after paying all of your expenses
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Depending on your situation you may want to use an existing credit card to handle your monthly expenses or you may want to get yourselfa new card. The most important factor in this decision is the interest rate. If your current card has a high interest rate, don’t use it. If it has a low rate you might as well keep it.
Also, make sure that your credit card spending limit is enough to pay for your monthly expenses, including your regular monthly mortgage payment.
No matter what, whichever card you use needs to have a zero balance when you start and you need to pay off the balance every month. If you do not pay the entire balance, you will end up wasting your hard earned money and this strategy won’t work for you.
Further on in the report I’ll show you how you will pay your credit card balance in full every month.
If you start shopping around for a new credit card you have to consider several important questions before you apply.
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The first step of Mortgage Cycling is to secure a line of credit. Many people already have a line of credit tied to the equity in their home, called a Home Equity Line of Credit (HELOC). If you’re in this position, this is great. You’re ahead of the pack and you can start your Mortgage Credit Cycling plan right away.
I also understand that others may have no equity in their homes or have maxed out their home equity This is fine. Securing a line of credit isn’t as hard as it seems so don’t be intimidated. You can also use Mortgage Cycling to pay off your existing, maxed-out home equity credit line.
If the latter scenario sounds like your situation then you’ll need to find a bank that will open up a personal line of credit for you. There are dozens of organizations out there that offer credit lines to consumers. Try your own bank first. They know you and your history. If they won’t play ball, then go online. Some websites will allow you to apply for lines of credit at several lending institutions at once. Some lenders specialize in loans to people with less-than-perfect credit. If you are having difficulty finding a lender to grant you a line of credit, you may consider one of these. The drawback for most people with low credit is that you will be charged a higher interest rate. Be careful with this situation. As I highly recommend not using a cycling plan unless you can obtain a line of credit which is lower than your existing mortgage rate. The interest rate on your line of credit must be lower than your current mortgage rate in order for the cycling plan to work properly.
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