How a 2nd Mortgage Can Help You Pay Off Your Home in Half the Time

How a 2nd Mortgage Can Help You Pay Off Your Home in Half the Time

A 2nd mortgage can help you pay off your home loan in half or even a third of the time. As a homeowner, you may qualify for a 2nd mortgage or home equity line of credit with a very high limit and a very low interest rate. Using Sydney Financial’s unique mortgage pay off plan, you can leverage your 2nd mortgage to pay off your original home loan early, saving you thousands of dollars. Here’s how it works:

Step 1 - Apply for a 2nd mortgage. It’s easy to apply; you simply send in some basic information. The lender will compare the amount you owe on your home to the amount your home is worth in the current market. Since a 2nd mortgage uses your home as collateral, you will probably be able to qualify for a large sum of money.

The bank will determine your 2nd mortgage credit limit by subtracting the balance you owe on your mortgage by a percentage of the appraised value of your home (75% for example). If you have lived in your home for a few years, chances are your property has appreciated in value. The greater the difference between your home’s appraised value and the amount you owe, the higher your 2nd mortgage credit line. You may qualify for tens or even hundreds of thousands of dollars, at an extremely low interest rate.

Step 2 - Use your 2nd mortgage to create a “mortgage checking account.” Sydney Financial will help you set up a specialized account that will be used as your primary checking and savings accounts. The use of mortgage checking account is a risk-free financial strategy that was originally made popular in Australia. Thousands of American families have already created their own accounts, and saved tens of thousands on their mortgages. A Sydney Financial exert will walk you through the basics and answer any questions you may have.

Step 3 – Your 2nd mortgage reduces the interest owed on your original home loan. The mortgage checking account will leverage your monthly income by automatically applying the balance towards your home loan until you need it for other expenses. This reduces the daily interest that accumulates on your home loan. You will always have your 2nd mortgage available to help with any additional expenses, so there will be no need for you to rely on high-interest credit cards. As an additional benefit, the interest on your 2nd mortgage loan may be tax deductable.

In only 10-15 years, your 2nd mortgage will help you own your home, free and clear. Signing up for Sydney Financial’s mortgage payoff plan is the first step in securing your financial freedom.

Learn More

To learn more about how a 2nd mortgage can help you obtain financial security, fill out a quick form and one of our 2nd mortgage experts will contact you.