You signed the loan docs.  TONS of papers.  So many that your signature now looks like just a scribble.  But when you got to the "Truth in Lending" page, you GASPED! 

With a $300,000 mortgage, even at today's rate, the interest amortized over the length of the 30-year loan may be $330,000 or more!  So you are paying back twice as much money as you borrowed, once you calculated in the cost of interest. 

You wonder if you'll ever be able to own your house free and clear?  You may be thinking, "Am I stuck with my mortgage for another 30 years?" You may want to retire before then and don't want the burden of a mortgage payment.

The good news is that you can set up a mortgage payoff acceleration program, no matter what type of loan you have.

Here's how it works: You make a half-payment every two weeks rather than a full payment every month. At the end of the year, you will have made 26 half-payments, meaning you will have paid 13 full months, rather than just 12. The extra month's payment is applied to the principal, reducing the balance, and reducing the term of your loan.

Most importantly, you will save thousands of dollars of interest by paying off early.

For example, most 30-year mortgages set up on this bi-weekly program will pay off their mortgage in 20-24 years, saving years of payments. In this example, a $300,000 mortgage at 6% interest would cost $347,515 in interest over the 30-year life of that loan.

However, by participating in the bi-weekly program and paying off in 24 years, the total interest paid would only be $273,075 - a savings of $74,440!!!

You can save even more by sending extra funds with every payment.

Regina P. Brown
Broker, Realtor®, e-Pro
Author of eBook "Stop Foreclosure Fast: Solutions to Save your House"
Author of forthcoming book, "Virtual Office Guide for Business Professionals:  Work & Profit from Home"

Text copyright © 2009 R.P. Brown, All Rights Reserved