There are several necessary steps which must all comply with the prepayment law. Very few homeowners successfully prepay their mortgage and save thousands on their own. There are several rules.
My mortgage coupon has a section for additional principal. Can I just write in the amount of my prepayment there?
No! Your lender is making it very easy for you to send them extra money that will save you little to no interest. This is the perfect example of incorrectly prepaying and can result in several problems.
I have already made a few prepayments on my own. What does this mean for me?
Contact us and our experts will advice you on what steps need to be taken to locate the application of those funds and if possible, have them redirected to benefit you rather then your lender.
What is the result of prepaying my mortgage myself?
If you don't follow the prepayment law exactly, prepaying on your own can cause you the loss of several thousands of dollars. Of those who try, almost all fail even though they think they are succeeding. Even though you see your loan amount being reduced by the amount of your prepayment, you don't see where in your mortgage your principal is being applied. If you're not properly and legally directing your prepayment, your lender can apply your funds to the last payment in your mortgage. You don't want that!
What is the result of prepaying my mortgage with the Mortgage Controller system?
The Mortgage Controller is a customized prepayment system which is designed specifically to suit your mortgage, needs, situation and goals. Gaining maximum benefit from your prepayments is guaranteed with this system.
Getting Started
I'm not sure if this is for me. Can I see for myself?
We can have one of our experts come to your home to analyze your mortgage and goals. Contact Us to arrange a free consultation.
What do I have to do to get started?
Contact Us to discus your mortgage and goals and we will tell you what options you have available to you.
A FEW GENERAL QUESTIONS
How much can I expect to save right away?
Click Here to see exact figures of how much you WILL save with the Mortgage Controller.
Why hasn't anyone told me about this?
Your lender certainly isn't going to tell you how to take money out of their pocket. Your accountant and lawyer don't stand to benefit if you save money on your mortgage so they don't have any motivation to tell you. Only educated advisors who specialize in services like this will tell you.
Is this legal?
Not only is it legal, it is only possible when following the law exactly.
Will I lose my tax deduction?
No... at least not until you pay off your mortgage. Remember you can only deduct your tax bracket. If your tax bracket is 28%, for every $1.00 of interest you pay, you only get back 28 cent. Wouldn't you rather keep the 72 cents and pay the 28 cents tax?
I'm only going to stay in my home 5 to 10 years. Should I prepay my mortgage?
Yes, then you can take your equity and roll it over into your new mortgage in the form of prepayments and eliminate 5 to 10 years of the mortgage immediately.
I am moving to a new home soon. What can the Mortgage Controller do for me?
This is a unique situation that should be taken advantage of. You can leave a smaller down payment on the new house and prepay the remainder eliminating 15 (or so) years instantly. Having a 15 year old 30 year mortgage is much better then a new 15 year mortgage.
What is the cost of the Mortgage Controller?
There is a one time cost of $1,495.00 for the Mortgage Controller which is a small price to pay for the equal or greater savings you WILL receive each and every month. If you don't save all of the interest in your next mortgage payment, we will give you a full refund.
