Comments on: Mortgage Acceleration: Is the Latest Fad Right for You?

By: Brian

Brian — Tue, 13 Oct 2009 17:03:24 +0000

Not seeing many benefits here.

By: Robert D. Ashby

Robert D. Ashby — Wed, 27 May 2009 11:26:50 +0000

Bill,

You claim to not want to be “one of those UFirst Agents”, yet you are. Here is your the typical Money Merge Account argument I hear these days…

“I will simply say: “Canceling Interest is the same as Earning Interest.” Every dollar of interest canceled is a dollar that stays in your pocket. Plus, not a great time for investing I wouldn’t think.”

Wrong thinking, folks. Investing and paying off your mortgage are not the same and never can be. Rather than write a lengthy reply as to why, check out this post I did a short time ago over at Florida Mortgage Report (click link above) and read Money Merge Accounts: More Misleading Information dated May 10, 2009.

Also, anytime is a good time to be investing, the only thing that changes is what you invest in. If you do your research, you can far exceed what your mortgage costs, hands down.

Oh, Bill, and if you didn’t want to be one of those UFF agents, why did you comment on this with a link directly to your UFF website?

By: Bill Beavers

Bill Beavers — Tue, 26 May 2009 17:09:32 +0000

Sorry, forgot to subscribe. Thanks

By: Bill Beavers

Bill Beavers — Tue, 26 May 2009 17:07:50 +0000

You have a number of comments and I don’t wish to be one of “those” UFirst agents so I will simply say: “Canceling Interest is the same as Earning Interest.” Every dollar of interest canceled is a dollar that stays in your pocket. Plus, not a great time for investing I wouldn’t think. Thanks very much.

By: Tom Voli

Tom Voli — Wed, 07 Jan 2009 22:45:36 +0000

Very good thread.

What people here understand clearly is that using a equity line in second position does not provide enough (if any) liquidity to be the best form of acceleration. It does enable those with low risk tolerance a way to get out of debt quicker which is typically the motive of such a person. However, as Mark Harrison suggests, there are products,even here in the USA, that will provide full liquidity and are not an arm and a leg. While I totally agree there are many better places to earn a higher rate of return than by offsetting the low rates we have now, an equity line in 1st position provides an excellent holding account until such opportunities arise. It really comes down to risk tolerance and financial objectives. That varies so greatly that no 1 solution is right for everyone.

By: Glenn fm Estero

Glenn fm Estero — Thu, 16 Oct 2008 21:24:03 +0000

@Toby – you should try to determine interest being charged versus interest being paid and get rid of the debts with a higher interest rate than you are earning.

By: Toby

Toby — Thu, 16 Oct 2008 05:13:49 +0000

I have been reviewing this topic for the past few months and have found over 10 companies that sell a mortgage acceleration software program ranging in the price from $200 to $3500. I am biased towards the programs and feel they are worthwhile to look into for someone whose goals is to get out of debt more quickly.

I have a Roth IRA, retirement plan with my work, put money away for my kids college education, and save money for a rainy day. Recently I have decided that my primary focus is to get out of debt as soon as possible. I am a little more hesitant these days to investment my discretionary income into investments with the way the economy is right now. I can be out of debt in 6 years by following a mortgage acceleration program. That is very appealing with the way the economy is right now.