by Tina T Willer

There is a special system for paying off mortgages and all other debts quickly. This system has been dubbed the the Accelerated Mortgage Payment system (AMP). To implement this do-it-yourself system you must have self-discipline and be able to plan your payments, monthly. Because you regulate AMP yourself, you don’t pay fees to an institution to implement it.

It does not matter the kind of mortgage you are holding, fixed, adjustable, 30-year, 15-year and any others can all be accelerated with this system. You do not have to change your existing lifestyle. You can include other debts to be paid off quickly with or with your mortgage. You do need to be able to take out a Home Equity Line Of Credit (HELOC) to implement this system.

We got our HELOC from the same bank we received our mortgage from. The HELOC is used just like you use a checking account. Your monthly income checks are deposited into your HELOC to pay it down to $1. This system can be used to reduce your other debts also, such as car notes, credit cards, student loans and more. There are seven steps to implementing AMP:

1) Apply for and receive a Home Equity Line Of Credit from a bank;

2) Treat your Home Equity Line Of Credit as you would a checking account. Deposit your monthly checks into it;

3) Pay down your mortgage and other bills from your Home Equity Line Of Credit;

4) Borrow from your HELOC to pay your bills for the month;

5) The following month, use your income to pay down your Home Equity Line Of Credit. Always leave $1 owed to your HELOC. Borrow again to pay your mortgage and other bills for this month;

6) Every month pay all your bills from your HELOC;

7) Repeat until all your bills, including your mortgage, are paid off completely.

In short, the borrowed outstanding HELOC amount will equal $1 once it is paid down at the beginning of every month. Paying it almost off (you should leave at least $1 in your HELOC account to keep it open), every month will minimize the interest charged on the HELOC over the course of paying off your mortgage and other bills, and shorten you mortgage payment years considerably.

The HELOC interest amount charged over time is much less that what is paid on a traditional mortgage. This is why AMP works.

About the Author:
Tina T Willer, MBA has authored Articles & E-books on Personal Finance. Her financial advice has aided hundreds of people in the states, become more financially sound. Claim your FREE and Valuable Personal Financial monthly reports on Increasing Your Credit Score, and more.
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