Early Mortgage Payoff loans reviewed

The Mortgage Curmudgeon looks at these so called “Home Ownership Accelerator” loans.

[This type of loan] is overhyped as an early payoff tool, because the prospect of paying off early captures people’s attention. However, while the intra-monthly interest savings described earlier are real, they don’t add up to much. To pay off a 30-year loan in 10 or 15 years requires extra payments, and you don’t need HOA to make extra payments.

November 19, 2007 by Realtor John Wake

About The Author

John Wake

Born in Phoenix, trained as an economist and now a licensed Realtor, John uses hard data from the real estate market to help his clients -- buyers and sellers of residential real estate -- uncover their best choices for finding the right home or finding a buyer for their current home.

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