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Mortgage Accelerator Programs?
I recently had a friend come to me about a program some "guy" was trying to sell him.  It promised to help pay off his 30 year mortgage in as little as 10-13 years.  He was very skeptical and so was I.  The basic concept was that you get a home equity line of credit, pull a chunk out and pay down the principal on your first mortgage.  Then you deposit your paychecks into the equity line, and use the equity like a checking account to pay all your other bills.  The result is supposedly not interest savings but rather an "interest cancellation".  By decreasing the initial balance on the first mortgage, more of your money goes towards principal on all future payments and less towards interest in the early years of the mortgage.  Now the whole thing sounded really fishy to me because he was trying to sell him this software that would calculate when to move the money around.  The other thing that bothered me was that the math was so complicated that the average Joe homeowner could never figure it out, but the flashy video presentation made it seem so simple.  However, they say the concept has been used ... more

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