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Alternative Options For Rising Interest Rates
As interest rates have risen in the last six weeks from record
lows, homeowners are once again face with finding viable options
to reduce the amount of interest paid on their home loans. The
rush to refinance provided borrowers with good to excellent
credit the opportunity to take advantage of low interest rates,
that helped to reduce their monthly mortgage payments, which was
the only benefit provided by the lowered rates.
The one option that still eludes most homeowners, and is
recognized and supported by financial and government
organizations including Fannie Mae, is Biweekly Equity
Acceleration. This industry has made great strides to become a
viable tool to help homeowners reduce their mortgages, while
building equity in their homes up to three times faster.
Biweeklies provide another important benefit versus refinancing;
it allows the loan to be paid off sooner than the original stated
term.
A mortgage company will not accept a half payment except by
special arrangement, and this sort of arrangement is rare. To
begin a Biweekly Equity Acceleration Program the homeowner deals
with a service provider like Consumer Mortgage Reduction Service,
or another company. There are about 30 companies in the United
States that specialize in biweekly equity acceleration, and they
provide mortgage reduction services directly to the
homeowner.
These programs are easy to initiate and do not require
refinancing, just complete a few short sign-up forms, and the
biweekly company takes over from that point. The process does not
change your current mortgage arrangements, just the way your
payments are made, instead of one monthly payment the mortgage is
paid one half every two weeks. These biweekly payments are
automatically deducted from the clients checking or savings
account, and applied to the loan in a way that reduces the
principle amount owed every six months.
Today's consumers are more than ever trying to reduce the
amount of debt they have, and this is evident by the rapid rise
of Debt-Consolidation companies, but the largest debt a consumer
has is, the home mortgage. The majority of homeowners overlook
this fact when planning to reduce their dept, yet the use of
biweeklies can decrease their mortgage substantially, in a
shorter period of time, usually cutting the term by six to ten
years.
And, with the rising interest rates, trying to reduce their
debt load including the mortgage will become a bit more difficult
without taking advantage of biweekly programs. A 30-year fixed
rate mortgage for $150,000 at 6% interest would be paid off 6
years earlier, and would save the homeowner up to $30,000 in
excess interest payments. The amount of time and interest saved
depends upon the amount of the loan, and the interest rate.
"Biweekly Equity Acceleration has been in existence for over
20 years, and has allowed millions of homeowners to pay off their
mortgage in less time, while building substantial equity faster,"
said Thad Collins owner of Consumer Mortgage Reduction Service
whose website is located at; http://www.consumermortgagereduction.com "While saving
the homeowner up to $60,000 in needless interest payments,
without refinancing, and this is accomplished regardless of the
current interest rates," he continued.
Interest Rates have become a great concern for homeowners, and
those who may be contemplating purchasing a new home, but with
alternatives to rising rates like biweekly equity acceleration
programs, these concerns can be eased. If the average homeowner
can save money per year in any interest rate environment, then
the use of biweeklies provides a solid foundation to the purchase
of a new home.
About The Author
Thad Collins is the owner of CMRS which provides biweekly
equity acceleration programs to entrepreneurs looking to start a
new business venture, for more information visit http://www.consumermortgagereduction.com
 MORE RESOURCES updated Thu. February / 09 / 2012
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New HARP Could Help Up to 6.7 MillionNASDAQOther changes to the program were designed to make it easier for homeowners with private mortgage insurance (PMI) to refinance or to obtain a HARP mortgage refinance with a lender other than their current mortgage servicer. In addition, new limits were ...and more » |
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A Guide to Finding Cheap
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