Burn Your Mortgage, or Burn Your Money!

Mortgage free house

If you were like many of my friends, you were delighted when the bank gave you your mortgage on your home. Since then, many years have elapsed and you continue to pay, wondering if rates will rise significantly before your next renewal date. Fixed or variable? high or low interest rates? long or shorter terms? these are all questions which create a smoke screen for the real question. “How much will it cost all together???”For example, a $300,000 loan for your home could cost you $173,416 in interest charges. I don’t ever remember a loans officer explaining to me the total amount of money that would be owed by the time the debt would be paid out. Do you? More than likely you explored ways to make the monthly payment affordable, or perhaps paying bi-weekly to reduce your interest costs by (are you ready) only $1,861 over the 25 year period.

Let’s face it. Our house debts are usually our biggest financial obligation and often we don’t even know how big that debt really is. Perhaps, we don’t want to know. It can be very intimidating signing up for this financial load. However, now that the cat’s out of the bag and we know we have this large debt, what can be done? Many financial advisors I have met over the years tell their clients that they should work on eliminating their debt. When we look at what the advisors actually do however, we see instead, a range of products being sold, investments, insurance, RRSP’s. Not that there is anything wrong with these products, but they do not address the number one problem of eliminating the families’ main debt.

I am dedicating myself to showing people strategies to eliminate this very wasteful debt. If you can shorten your mortgage payback time by 5 years, in the example above, you could save over $38,000 in interest costs. Now you know why I like to burn mortgages rather than burn money! If you could do this with your own house debt without having to come up with more money to give to the bank out of your pay cheque, would that appeal to you? If so, perhaps we should talk. You can call my local office number at 604-589-4884. If you are outside of the lower mainland of British Columbia use my toll free number 1-800-281-2364. I would enjoy sharing my presentation of how you can learn to BURN YOUR MORTGAGE, AND SAVE THOUSANDS OF DOLLARS.