Mortgage accelerator programs offer a way for you to reduce your interest costs. They may take additional payments from you in order to pay off your loan more quickly, or they may tie a home equity loan to your paycheck (with direct deposit) to reduce your loan balance. In any case, you can save on interest.
Are mortgage accelerators worth it? You have to pay fees to set them up in many cases, and you may end up getting into an adjustable rate product that you didn't know about. In many cases, mortgage accelerators just do what you could do on your own. If you're disciplined (or dedicated), you can make extra payments yourself -- you can even automate the process with online bill pay. However, if you need to have somebody do things for you, you might look into a mortgage accelerator service.
Further reading:
- MSNBC: What's a Mortgage Accelerator?
- How Online Bill Pay Works
- Investment News: Mortgage Accelerators Raise Concerns
I have been looking around at the various products that are out there. If you are going to look into purchasing one of the products, check out http://www.mortgageacceleratorsolutions.com. I created the website and list about 9 different services out there on the market ranging from $297 to $3500. I suggest shopping around and doing your homework prior to buying one. Also check out their free analysis calculators. Some of them are fairly sophisticated.
mortgageaccelerator101.com forgot very important one. Free one. Yes free!!!!!!
http://www.yourbonus.org/
Since you can get it free, all the others are scam to me.