Most American' assume that they will always be paying a mortgage. The banks have conditioned us that this is just a fact of life. Ask the average home owner as to what type of debt they have, they will respond with, Credit Cards, car loans, student loans but very few ever includes their mortgage! In fact, when you fill out any type of application that requires financial information, they want to know how much on this card or how much is left on your car loan, but they simple ask , how much is your monthly mortgage payment is, not the total you owe. Our mortgage payments are considered living expenses like our utilities.
The fact is that your mortgage is debt. and a lot of it! As with all debt, there is interest being paid, A LOT OF IT! The fact of the matter is, if you pay off our mortgage in the prescribed 30 years, most people are paying back 2.25 to 3 times or more the original amount. The average home in 2008 is $212,000. If you took a 30 year mortgage at 6.5% interest,at the end of the 30 years, you have paid back $482,394.32 . That's $270,394.32 in interest! At EquityGenie, we think that's to much!
Our team of software engineers have reversed engineered the bankings techiniques so you can make the system work for YOU instead of them. The end result, you are saving thousands of dollars in interest and cutting years of the life of the loan! Applying the EquityGenie to the same loan we previously discussed,the exact same home would be paid off in 13 years instead of 30 and paying only$98221 in interest.That's saving you $172,173 in interest.
Imagine what you could do without a mortgage payment! College for your kids,retirement. Investments (When it's more stable) The absolute bottom line is,it's your money that you chose what to do with. You own your largest asset (in most cases) and have resources to weather out any financial mishaps.
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