KC asked:


Scott, it will not allow me to email you, you can email me for more information if you would like.

But, the easiest way to accelerate a mortgage is to pay twice a month. For example, if you payment is 2000 and month. Pay 1000 on the 1st and 1000 on the second. This will save you a lot of money in interest since it is calculated on a daily basis.

How ever it is important to understand how mortgages work. They all work off the rule of 50/25. So after 50% of the life of your mortgage, you pay off 25% of your principle.
Example :
30 year fixed mortgage for 300,000 at 6%, your payment will be about 1798 a month. After 50% of the life of your mortgage (15 years) you will still owe 75% of your principle. So you will still owe 225k on your house. If you refinance you will be stuck in the same situation.

There are programs out there that can help you with this, but I’m running out of space to explain. You can email me if you would like more info.
Ed,
Absolutely you can do it yourself! Since I can’t reply directly to your question for everyone to see, I will shoot you an email.
Sorry, Ed, still learning this site, Apparently I still have room.

You do not need a 3rd party. All lenders should allow this. I would call to verify just to be safe and if they say no, than I would definitly look into that.

I have seen 1 instance where the lenders wouldn’t allow it, but that was do to the way my clients negative amortization was set up. So what we did, was I had him over pay $500 a month, until it offset his payment where is was acting like it was 2 payments a month, but that gets a little bit more complicated and it all depends on your financial scenario. You should also looking into programs like the S.M.A.R.T. Loans and similar programs. They will save you hundreds of dollars in interest over the long run. If you need more info, just email me. Hope I was helpful.