A certified mortgage acceleration plan specialist can assist you in understanding the details behind an interesting mortgage loan program. The specialist should help you decide whether or not this program is right for your personal financial situation.
Mortgage Acceleration Plans
A mortgage acceleration plan is a program that uses unconventional loan payback methods in order to pay off a mortgage loan faster than usual. A popular version of this program attaches the mortgage loan to an account into which the borrower's entire paycheck is deposited. The money is immediately credited to the balance of the mortgage. When the borrower needs to access some money - whether for a purchase, to pay bills, or for some spending money - the money is taken back out of the mortgage account in the form of equity. Borrowers can usually access the funds using a debit card attached to the account or a checkbook.
The mortgage gets paid off more quickly than a traditional mortgage because the money deposited regularly in the form of a paycheck whittles the principal balance down rapidly. As the principal balance decreases, the amount of interest paid will also decrease. In theory, this program should decrease the overall term of the mortgage loan greatly.
About a Certified Mortgage Acceleration Plan Specialist
A traditional mortgage specialist may not be able to give accurate information and advice pertaining to a mortgage acceleration plan. These plans are not yet widely offered by mortgage lenders, so asking a mortgage consultant at a traditional mortgage lender questions about these programs may result in inaccurate information.
Lenders who do not offer these types of programs rarely offer training to consultants about these mortgage acceleration plans, so any advice you receive will probably not be based on formal training. If you are interested, it is best to seek out a certified mortgage acceleration plan specialist to answer your questions and to review your available options.
Find a Certified Specialist
A quick Internet search will list many mortgage accelerator programs available through various lenders. It is important to note, however, that the search will also yield plenty of websites of people trying to sell information regarding these types of plans for a fee. These companies do not offer the plans, but instead tout the system as some sort of miracle method to pay off your mortgage rapidly and without much effort. Keep in mind that you should not have to pay money to find out about mortgage acceleration plans. Viable lenders offering these types of programs will not charge you a fee to tell you about the plan. They will also stress the simplicity of the plan, and not make it sound as though you're being let in on some deep, dark secret.
A good place to start when seeking out a mortgage acceleration plan is with AmeriFirst Home Mortgage, which is a company that has certified specialists available to discuss the plan at great length.
Acceleration Plan Specialist Knowledge
You will know that the specialist you are working with is knowledgeable and realistic if he or she does not hype up the program as some type of magical formula that has remained a well-kept secret within the mortgage lending industry. The specialist should explain the program in practical terms, and should ask you for a good amount of information before deciding whether the program is right for you.
The specialist should inquire about your:
- Mortgage loan balance
- Market value of your home
- General financial standing
The specialist you work with should stress that these programs are not for everyone. A knowledgeable mortgage acceleration plan specialist should know to tell people who have a hard time paying their monthly bills that these plans are not designed for them. In other words, anyone living from paycheck to paycheck is not an ideal candidate for a mortgage acceleration program, and a good plan specialist will know this.