Joe of Bright Investing writes an article on mortgage accelerators. I didn't realize such things existed. Apparently the business sets up extra electronic payments to aid you in pay off your mortgage early. Most banks allow you to do the same thing for free, so it's a pretty bad idea for anyone except the accelators.
In the comments, Joe and I suggest that for many people, with good credit, who have bought homes in the last few years, it may be best to take that extra money and invest over the 20-25 year span and then buy the property outright. The advantage is that it's possible to earn 8-10% interest which compounds much better over the long term than some mortgages. Plus you can invest the DIY Mortgage Accelerator money in a way that it can help you if you should ever experience a hardship, such as losing your job.
3 Responses to “Do It Yourself Mortgage Accelerator Plan”
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