Reduce Your 30 Year Mortgage To 10 Years Using Mortgage Cycling

Imagine paying down your mortgage in less than 30 years? Do you think that is impossible? After reading this article perhaps you'll have a new outlook on the way you pay down your mortgage....

Imagine all the money you will have left? That would be a lot of cash!

Hope you enjoy:

Curt de la Cruz

http://www.101-credit-debt-finance.com


Reduce Your 30 Year Mortgage To 10 Years Using Mortgage Cycling: "Reduce Your 30 Year Mortgage To 10 Years Using Mortgage Cycling

With all the talk lately about Mortgage Cycling versus Bi-Weekly Mortgages which one is really right for you? Choosing the correct one could literally save you thousands of dollars and shave off approximately 20 years on the life of your 30 year mortgage.

So a little background on the principal of each program needs to be told. Bi-weekly mortgages became popular a few years back when interest rates were extremely high and it made a lot of sense to pay as much on the principal of your mortgage as you can in a systematic way.

The way it works is that your mortgage payments are split in two every month so you end up paying (26) 1/2 payments instead of 12 whole payments which in effect ends up paying one additional month towards your principal.

Doing this ends up saving the average homeowner thousands of dollars on the interest payments over 30 years and shaves off around 7 years of payments. Not bad for back then. But as interest rates started to drop the net effect of savings are not as great now as they were when rates were higher.

But with the discovery of a recent mortgage loophole by Craig Romero, a senior mortgage analyst, Mortgage Cycling was born. Mortgage cycling allows a homeow"