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Accelerated Mortgage Program
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My husband and I would really like to pay off our mortgage in less time than the life of the loan. We are considering using an accelerated mortgage program offered by United First Financial ( http://www.unitedfirstfinancia... since it essentially provides accountability and forces us to put a certain amount of extra money (based on our budget) towards our mortgage. Has anyone ever used such a program before, and more importantly did it work for you?
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I would worry about the forced aspect of it. What if something bad happens? I simply made my budget to include extra payments. Paid it off way early. Paid a slight penalty for doing so, but saved a lot of money. Knowing the best place to put money and saving it is not a problem for me like it is with some people. If you are the kind of person who has trouble sticking to budgets that you make, you are going to have problems in any case. A forced ...
I would worry about the forced aspect of it. What if something bad happens? I simply made my budget to include extra payments. Paid it off way early. Paid a slight penalty for doing so, but saved a lot of money. Knowing the best place to put money and saving it is not a problem for me like it is with some people. If you are the kind of person who has trouble sticking to budgets that you make, you are going to have problems in any case. A forced ...
Answer Date: 02:10am 08/22/08
