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There is a special system for paying off mortgages and all other debts quickly. This system has been dubbed the the Accelerated Mortgage Payment system (AMP). To implement this do-it-yourself system you must have self-discipline and be able to plan your payments, monthly. Because you regulate AMP yourself, you don’t pay fees to an institution to implement it.
A 30-year, 15-year or any other kind of mortgage can be accelerated and paid off quickly with this system. The mortgage can even be interest only. The beauty of this system is that it does not affect your existing cash at hand. You do however, need to obtain a Home Equity Line of Credit (HELOC) to implement the AMP.
Use your Home Equity Line Of Credit just as you would a checking account. Deposit your monthly income checks into your HELOC reducing it down to $1. Draw from it when you need to. The basic 7 steps follow:
1) Get a HELOC from a banking institution;
2) Treat your Home Equity Line Of Credit as you would a checking account. Deposit your monthly checks into it;
3) Your mortgage loan and other bills are to be paid from the Home Equity Line Of Credit;
4) Borrow from your HELOC to pay your bills for the month;
5) The subsequent month, use your monthly income to pay the HELOC down to $1. Borrow enough again to pay down your mortgage and all other monthly debts for this month;
6) Borrow from you HELOC to pay your bills for the next month;
7) Continue repeating this cycle until you mortgage is paid off completely.
One Dollar, $1, will keep your Home Equity Line Of Credit open. Paying it down every month to $1 will minimize the monthly interest which is calculated on the daily balance outstanding. If you implement AMP, your mortgage and other bills can be paid in a fraction of its originally scheduled time.
AMP works and works well, if you have the discipline to implement it. It is a simple system. The rules are few. You use your monthly income to pay down your HELOC and you use the HELOC to pay down your mortgage and other bills. The interest you pay on yor Home Equity Line Of Credit is a lot less that what you pay on a traditional mortgage.